Tenant applications surged by 35% between April and May, counteracting April’s dip with a strong seasonal uplift.
At the same time listings rose by 9% month-on-month, Foxtons data shows.
While this means tenant demand is rising, it’s still more measured than last year. There are currently 14.15 renters per instruction, a 14% increase from April.
Gareth Atkins, managing director of lettings at Foxtons, said: “London’s rental market came back with real force in May.
“We saw a 35% surge in applicant demand alongside sustained growth in supply, a clear sign of a market gaining strength and momentum.
“Central London continues to outperform, and renters are re-engaging with pace and purpose.
“As we move into summer, the lettings landscape is vibrant, competitive, and full of opportunity for both landlords and tenants.”
Central, North and Surrey show the highest increase in competitiveness, where tenant registrations grew by 24.7%, 21.6% and 34.7% respectively.
Year-to-date, rental values are up 3% versus 2024, led by regional increases in West London (+5%), South London (+4%) and Surrey (+5%).