UK rents are rising again, and the reason is supply rather than demand. Three of the market's most closely watched indices published this month point the same way: after more than a year of cooling, rental inflation has turned back up, and the number of homes available to rent has started to fall for the first time since 2022. For landlords, that changes the arithmetic of the next two quarters.
1. Official figures: £1,400 a month, and accelerating
The ONS Price Index of Private Rents, published on 16 September 2026, shows average UK private rents reached £1,400 a month in August, up 3.8% year on year. That is the fastest annual rate since December 2025, up from 3.7% in July. England averaged £1,459 (up 4.0%), Wales £846 (up 4.3%) and Scotland £1,013 (up 1.1%). Within England, the North East and North West posted the highest regional inflation at 5.8%, and the South East the lowest at 3.0%.
2. Zoopla: supply has flipped from a tailwind to a headwind
Zoopla's UK Rental Market Report for September 2026 puts the average rent for new lets at £1,343, up 2.6% year on year, but notes that growth has climbed from a low of 1.6% in February. The critical line is on supply: the stock of homes available to rent is now 3% lower than a year ago and the flow of new listings is 6% lower. Competition is back, at 5.3 enquiries per rental listing, the highest level for almost two years. Zoopla still counts around 25% fewer rental homes on the market than before the pandemic, and expects UK rental growth to reach 4% to 5% by December 2026.
3. Rightmove: new records in London and outside it
Rightmove's Rental Trends Tracker records new record advertised rents of £1,397 a month outside London (up 2.3% year on year) and £2,791 in London (up 2.9%), with the capital's 2.0% quarterly rise the largest since 2023. It also reports the total number of homes to rent falling below the previous year's level for the first time since 2022. Demand remains most intense in the North West, at 14 enquiries per property, and London at eight.
4. Borrowing costs are easing while rents re-accelerate
Rightmove's daily buy-to-let mortgage tracker shows the average two-year fixed rate at 5.55%, down from 5.67% a month earlier, though still above 5.20% a year ago. Lenders keep repricing: Dudley Building Society cut selected buy-to-let deals by up to one percentage point, and several specialist lenders have trimmed two and five-year fixed rates. Cheaper debt against rising rents is the combination that lifts net yields. The counterweight is cost: HMRC data cited by Hampshire Trust Bank shows property rental income at a five-year high, but landlord costs up 11% in the last year and 56% over five years.
5. Where the yield actually sits
- North East and North West: the highest annual rent growth (ONS 5.8%, Rightmove 4.1%) on the lowest average rents, which is the strongest gross-yield maths in the country.
- Yorkshire and Humber: rents rising while available stock is 12% lower year on year.
- London and inner London: rental growth of 2.9% and 3% to 4% respectively, with inner-London stock down 13%. Best for short voids and tenant retention, less so for entry yield.
- Wales: the exception. Stock is up 7% and growth is slowing, so pricing realistically matters more there.
What it means for landlords
Re-acceleration plus falling supply gives landlords more pricing power at renewal than at any point since 2023, and the data points to short voids in high-demand regions. The practical steps are unglamorous: benchmark renewals against local evidence rather than the national average, since Zoopla notes rents are rising faster than the national figure in 75% of local areas; keep stock compliant and well presented to capture the enquiry surge; and review refinancing options while rates drift lower. Rents alone do not create returns, and the HMRC cost figures show why net rather than gross is the number that matters.
The bottom line
Three independent indices, ONS, Zoopla and Rightmove, now agree that the 2026 rental slowdown is over. Supply is the swing factor and it has turned. With growth forecast at 4% to 5% by year end and buy-to-let rates easing, the second half of 2026 looks like a better market for landlords than the first.
Sources: ONS Price Index of Private Rents, August 2026 data published 16 September 2026; Zoopla UK Rental Market Report, September 2026; Rightmove Rental Trends Tracker, Q2 2026; Rightmove buy-to-let mortgage tracker; Hampshire Trust Bank commentary citing HMRC data; Propertymark.
英国租金重新上涨，驱动力是供给而不是需求。本月公布的三大市场指标指向同一个方向：在降温一年多之后，租金通胀重新抬头，可租房源数量自2022年以来首次出现下降。对房东来说，未来两个季度的算账方式因此发生了变化。
一、官方数据：月租1,400英镑，且正在加速
英国国家统计局（ONS）私人租金价格指数（PIPR）于2026年9月16日发布：8月英国私人住宅平均月租达到1,400英镑，同比上涨3.8%，为2025年12月以来最快年增速，7月为3.7%。英格兰平均月租1,459英镑（同比＋4.0%），威尔士846英镑（＋4.3%），苏格兰1,013英镑（＋1.1%）。英格兰境内，东北部与西北部通胀最高，为5.8%；东南部最低，为3.0%。
二、Zoopla：供给从顺风变成了逆风
Zoopla《2026年9月英国租赁市场报告》显示，新租约平均租金为1,343英镑，同比上涨2.6%，但增速已从2月的1.6%低点回升。关键在于供给端：可租房源存量比一年前减少3%，新挂牌量减少6%。竞争回来了——每个出租房源平均有5.3个询盘，为近两年最高。Zoopla仍认为可租房源比疫情前少约25%，并预计到2026年12月英国租金增速将达到4%至5%。
三、Rightmove：伦敦与伦敦以外双双创下新纪录
Rightmove租赁趋势追踪显示，要价租金创下新纪录：伦敦以外月租1,397英镑（同比＋2.3%），伦敦2,791英镑（同比＋2.9%），伦敦2.0%的季度涨幅为2023年以来最大。报告同时指出，可租房源总数自2022年以来首次低于上一年同期水平。需求最紧张的地区为西北部（每套房14个询盘）与伦敦（8个）。
四、租金加速的同时，借贷成本在回落
Rightmove每日购房出租（buy-to-let）按揭追踪显示，两年期固定利率平均为5.55%，低于上月的5.67%，但仍高于一年前的5.20%。贷款机构持续调价：Dudley Building Society将部分购房出租产品利率下调最多一个百分点，多家专营机构也下调了两年期与五年期固定利率。融资成本下降叠加租金上涨，正是提升净收益率的组合。反向因素在成本端：Hampshire Trust Bank引用的英国税务海关总署（HMRC）数据显示，租金收入处于五年高位，但房东成本同比上升11%，五年累计上升56%。
五、真正的收益率在哪里
- 东北部与西北部：租金年涨幅最高（ONS 5.8%，Rightmove 4.1%），而平均租金水平最低——全国毛收益率账算得最好的地区。
- 约克郡与亨伯：租金上涨，同时可租房源同比减少12%。
- 伦敦与内伦敦：租金涨幅分别为2.9%与3%至4%，内伦敦房源减少13%。最适合空置期短、租客续租，但入场收益率偏低。
- 威尔士：例外情况。房源增加7%，增速放缓，定价务实更为重要。
对房东意味着什么
租金重新加速叠加供给下降，使房东在续租时的定价能力达到2023年以来的最高水平，数据也显示热门地区空置期会保持较短。实际要做的事并不花哨：续租定价参考本地实际成交而非全国平均值（Zoopla指出，在75%的本地市场上租金涨幅快于全国数字）；保持房源合规与良好呈现，以承接询盘高峰；并在利率下行时复核再融资方案。租金本身并不等于回报，HMRC的成本数据显示了为什么看净值而不只是毛值。
结论
ONS、Zoopla与Rightmove三个独立指标现已一致表明：2026年的租赁市场降温已经结束。供给是关键变量，而它已经转向。在年底增速预计达4%至5%、购房出租利率趋降的背景下，2026年下半年对房东而言比上半年更有利。
数据来源：ONS私人租金价格指数（2026年8月数据，2026年9月16日发布）；Zoopla《英国租赁市场报告》2026年9月；Rightmove租赁趋势追踪（2026年第二季度）；Rightmove购房出租按揭追踪；Hampshire Trust Bank引用HMRC数据的评论；Propertymark。