Richard Rabin from Lang Town & Country reviews the Plymouth lettings market in 2024 and looks at what’s in store for landlords and tenants in 2025.
As we step into 2025, there’s a real sense of optimism in Plymouth’s property rental market.
Following a year of adjustments, there’s plenty to look forward to for both landlords and tenants.
Here, Richard Rabin, Lettings Director at Lang Town & Country, gives an expert review of the Plymouth lettings market in 2024 and looks at potentially what’s in store for the city’s landlords and tenants in 2025.
A look back at the Plymouth lettings market in 2024
We saw a year of change in 2024, with some unexpected twists along the way. It was a busy year for lettings overall but the year started more slowly than anticipated, particularly in February and March. But by April, there was a flurry of activity, which took many by surprise.
This spike showed just how unpredictable the rental market can be, influenced by everything from seasonal trends to broader economic factors.
Before the pandemic, Plymouth had a healthy supply of rental properties, offering tenants plenty of choice. However, the post-Covid market saw properties disappearing as quickly as they appeared, presenting challenges for tenants and opportunities for landlords.
Thankfully, 2024 saw a shift towards a more balanced market. For the first time in years, tenants had more options, with a variety of properties becoming available at different points throughout the year. Just when the market seemed to stabilise, demand surged once more, and stock levels dipped again.
By December, the usual rush of tenants securing homes before Christmas was in full swing, while others waited for the New Year to make their move. This cyclical trend suggests that 2025 is set to begin on a strong note, with new properties ready to hit the market and fresh tenancies already lined up.
What’s in store for the Plymouth lettings market in 2025?
A key factor to look forward to in 2025 is the anticipated increase in available rental properties.
We’re expecting a good start to the year, with new properties being released and fresh tenancies starting.
This influx of listings will provide much-needed relief for tenants who have struggled with limited options in recent years. For landlords, this doesn’t mean less demand – it simply means a more balanced market that benefits both sides.
Here are 10 of the most popular questions asked by Plymouth landlords.
Steady rental prices in the Plymouth lettings market
While some areas are seeing a drop in rental prices, Plymouth’s market is expected to remain stable.
There have been reports elsewhere of rents being reduced, but our reply to that would be, were they being overvalued to unrealistic levels by certain agents in the city?
Zoopla’s latest UK Rental Market Report shows that UK rents increased by 3.9% in the 12 months to October 2024, down from 9.1% a year ago and averaging at £1,270 per month.
This is the lowest growth rate for over 3 years (August 2021) and the first time that earnings are rising faster than rents since September 2021.
This stability provides peace of mind for both landlords and tenants. Landlords can expect steady rental income, while tenants can rest assured that rent increases are unlikely to come as a shock.
Keep an eye on seasonal trends in 2025
If 2024 is anything to go by, seasonal trends are set to remain strong. Spring and autumn will likely continue to be the busiest times for the rental market, as tenants aim to move during milder weather or ahead of new work or academic commitments.
For landlords, these are the best times to market your property. We saw a very consistent period from April to November, with properties being snapped up quickly. This is the pattern we can expect to continue in 2025.
Ensuring your property is well-maintained and ready for tenants during these peak periods can make all the difference in securing a quick let.
Top tips for landlords
- Make your property stand out: With more properties entering the market, landlords need to make sure their properties shine. High-quality finishes, modern amenities, and competitive pricing will help attract the right tenants.
- Price it right: Don’t overvalue your property. Setting a fair price based on current market conditions will attract the right tenants and secure tenancies quickly.
- Work with experts: Partnering with an experienced letting agent can provide valuable insights and help you navigate the changing market dynamics.
Opportunities for tenants
- More choice: The increase in available properties means tenants will have more options, making it easier to find a home that suits their needs.
- Stable rents: With rental prices expected to remain steady, tenants can budget with confidence, knowing that their rent won’t suddenly spike.
- Time it right: If you’re planning to move this year, pay attention to seasonal trends. Starting your search during the busier periods increases your chances of finding the ideal property.
Will 2025 be a positive year for the Plymouth rental market?
2025 is shaping up to be a positive year for Plymouth’s rental market. Whether you’re a landlord looking to optimise your investment or a tenant searching for a new home, there’s plenty to feel good about.
By staying proactive and working with trusted professionals, you’ll be well-placed to navigate the year with confidence.
How do I get in touch with Lang Town & Country?
If you’re thinking about moving or renting, please do contact a member of our team today and we’ll be more than happy to help.
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
