April's lettings market data offers the clearest picture yet of where the sector stood before the Renters' Rights Act came into force, capturing a market already shifting towards more balanced conditions as supply eased competitive pressure and demand continued to recover.
Activity strengthened through the month. Applicant demand recovered, supply held ahead of last year, affordability metrics remained stable, and rents stayed flat year on year.
New listings rose 3.7% year on year, a sign of continued landlord confidence in the lettings market. Against March, listings dipped 6% following the early spring peak, but stock levels stayed sufficient to support more balanced conditions overall.
Applicant registrations climbed 9.5% month on month, a clear indication that renter activity is returning as the market enters its peak spring period. Despite this recovery, demand finished April 6% below last year's levels, suggesting momentum is building but has yet to match the heightened activity seen in 2025.
Competition eased compared with April last year, with renters per instruction down 6.5% year on year as supply improved. A 15.6% month-on-month increase in that same measure shows demand beginning to re-accelerate, pointing to a market that is more balanced but still active.
Renters continued to spend 99% of their budgets, unchanged year on year, reflecting consistent affordability conditions. A marginal 0.1% decrease month on month suggests renters were not stretching beyond established limits. The combination of steady budgets and rising activity indicates a market growing without placing additional pressure on affordability.
"The Renters' Rights Act has landed in a busy season with momentum unimpeded by the new legislation," said Gareth Atkins, managing director of lettings.
"Applicant numbers have spiked, supply is strong, and budgets are holding firm. The more interesting shift is behavioural: renters are moving earlier and acting more decisively, but they're also more discerning about where they spend their time.
"A property that would have generated viewings on momentum alone two years ago now needs to earn them. The market is rewarding landlords who treat the launch of a let with the same care as the launch of a sale: clear positioning, accurate pricing, and a property that's genuinely ready on day one."
