Advertised rents outside London did not rise between the end of 2025 and the first quarter of 2026, according to the latest Rightmove figures, a shift that would have looked unusual in almost any recent year. For landlords, that does not read like a market slump. It looks more like a market that is becoming more selective, more price-sensitive and a little less frantic than it was during the peak squeeze.
Property Industry Eye, reporting Rightmove’s newest tracker, says average advertised rents outside London held at £1,370 per calendar month in Q1. That makes it the first time since 2017 that asking rents outside the capital have failed to rise between the final quarter of one year and the first quarter of the next. Annual growth is still positive at 1.6%, but it is much slower than landlords became used to during the sharp post-pandemic run-up.
Why the market has cooled a little
The obvious explanation is affordability. Rightmove says more homes are available to rent than a year ago, while tenant competition has eased. The average rental listing is now getting eight enquiries rather than 11 a year earlier. At the same time, 26% of rental listings are seeing a price reduction while being marketed, the highest share Rightmove has recorded since it started tracking that measure in 2012.
That matters because it suggests the market is no longer doing all of the work for landlords. During the tightest part of the supply crunch, many homes could attract heavy interest even if the asking rent was ambitious. In a more balanced market, the initial price, presentation and management standard all matter more.
There is a wider pattern here too. Zoopla’s latest rental market reporting for early 2026 points to slower rent growth, weaker demand and a modest improvement in supply, rather than a dramatic rebound in available stock. In other words, the pressure has eased, but the structural shortage has not disappeared.
What landlords should read into the flat quarter
Flat quarterly growth outside London is not the same thing as falling rents across the board. Rightmove’s own longer-term tracker still shows a market operating above pre-pandemic norms, and London rents themselves edged higher in Q1 even if they remained below the peak reached in Q3 2025. The more useful reading for landlords is that local markets may now punish over-pricing faster than they did a year or two ago.
That can affect day-to-day decisions. If a property becomes vacant, landlords may need to think more carefully about the asking rent from day one rather than assuming a later reduction will do no harm. A longer marketing period can quickly eat into headline gains. This is especially relevant with the Renters’ Rights timetable moving closer, because avoiding unnecessary voids and getting tenancy paperwork right are both becoming more important.
There is also a supply angle. Rightmove says there has been no obvious rush of landlords flooding the market with new stock ahead of the legislative changes due on 1 May, with new rental listings in March down 6% year on year. That points to caution rather than panic. Here4 Landlords has already looked at how the wider housing supply picture can shape rental conditions, and this latest data fits that theme. Supply may have improved a little, but it still does not look abundant.
What to watch next
For landlords, the next question is whether this calmer patch becomes a longer settling period or just a pause before rents start edging up again. Rightmove’s own outlook still points to rent growth across 2026, just at a slower pace than before. That matches other market evidence showing demand has cooled but has not collapsed.
The practical takeaway is straightforward. Treat the market as firmer than it was in the pandemic-era rush, but not weak. If you have a re-let coming up, realistic pricing, clean presentation and quick response times may matter more than trying to squeeze out the last possible uplift. If you are reviewing an existing portfolio, it may be worth paying closer attention to local enquiry levels, time to let and reductions on comparable listings rather than relying on a national headline alone.
Landlords who stay disciplined on standards and pricing may still let well in this environment. The difference is that the market now appears less forgiving of homes that are slow to market, poorly presented or simply pitched above what tenants can support.
