Rental Market State of Play: June 2023

This overview highlights summer 2023 trends in London, Amsterdam and Paris’ rental markets. Key developments include rising tenant enquiries in London, surge in non-rent controlled property enquiries in Amsterdam and Paris’ expansion of eco-friendly grants. We’ll analyse the rental market dynamics in these cities, offering monthly rent figures for different housing types.

London Rental Market Latest

London cityscape view across the Thames
London, UK

While September, January and Easter are traditionally peak times for property sales, the lettings cycle
moves to a different beat. The summer months are when London agents see a spike in tenant enquiries,
as it’s when companies start to relocate staff to London and students look for a property ahead of a new
academic year.

Agent Chestertons says this summer has the potential to be the busiest yet, if early
indications are anything to go by. It found a 40% surge in tenant inquiries for rental properties in May
2023, when compared to April this year. The agent also found there had been a 24% increase in
property viewings in May, accompanied by a 29% rise in offers from potential tenants. Worryingly in
June, Zoopla found 51% of landlord sales were happening in London and the South East, which will
further restrict the supply of rental properties. 

Average Monthly Rents in London

There have been rent rises across the board in London, as the lack of supply tightens its grip. The
sharpest rise in rent over the last four weeks is attached to a three-bedroom apartment in the city
centre – up from €4,394.41 pcm (per calendar month) to €4,570.81 pcm. The next biggest jump in cost
was for a three-bedroom apartment in London’s suburbs – rising from €2,839.48 pcm to €2,927.17 pcm.
More modest rent increases were attached to smaller apartments. A one-bedroom city centre
apartment is €4 more expensive, now €2,388.46 pcm, while the cost to rent a one-bedroom apartment
in the city suburbs became €12 more, now at €1,687.93 pcm.

Amsterdam Rental Market Latest

Amsterdam street view along canal with parked bicycles
Amsterdam, Netherlands

Amsterdam’s lettings news is mirroring that of London. Rental platform Pararius has been monitoring
tenant enquiry levels in the largest Dutch cities. It found enquiries in Amsterdam for non-rent controlled
properties had been subject to a six-fold increase since 2021, rising from 7 tenants asking about every
property to 50. Enquiry levels also surged within Amsterdam’s €1,500 and above rental sector, rising from 6 per property to 40. In contrast, Pararius found the number of properties available to rent has
more than halved since 2021, and has fallen steadily since the end of the pandemic.

Average Monthly Rents in Amsterdam

The yo-yoing of rental values in Amsterdam continues. April saw the rent for three property types Adleo
tracks drop in value in April, while May saw the rent for three property types rise in value. In June, it’s
back to a drop across three property types. A three-bedroom city centre apartment has fallen in value
from €2,722.19 pcm to €2,627.29 pcm. Likewise, a three-bedroom apartment in the city’s suburbs is
now cheaper to rent at €1,987.60 pcm. Tenants looking for a one-bedroom apartment in Amsterdam’s
suburbs also paid less to rent in June – down from €1,398.34 pcm to €1,365.45 pcm. Only a one-
bedroom apartment in Amsterdam’s city centre was more costly to rent in June – up from €1,636.52
pcm to €1,652.34 pcm.

Paris Rental Market Latest

Street in Paris at night with cafes and a guests at tables
Paris, France

In June there was a boost for Paris owner-occupiers considering renting out their property and landlords
already operating in the city. MaPrimeRénov’ – France’s eco-friendly home renovation grant scheme – is
expanding after it was awarded an extra €300 million. As a result, the average renovations grant will
increase from €1,200 to €2,000. The French Government hopes more people will apply for financial
assistance in order to replace gas and oil boilers with more eco-conscious models. The boost should be
welcomed by landlords, who will be subject to more stringent minimum energy efficiency standards in
2025, 2028 and 2034.

Average Monthly Rents in Paris

There was a moderate price correction when it came to renting a three-bedroom apartment anywhere
in Paris. While the cost was more expensive in May, the figures dropped back in June. A three-bedroom
city centre apartment was €27 less to rent in the last four weeks – falling from €2,827.42 pcm to
€2,800.88 pcm. A three-bedroom apartment in the Paris suburbs became €16 cheaper, falling from
€1,931.05 pcm to €1,915.26 pcm. Also less costly in June was a one-bedroom apartment in the centre of
the French capital – €3 less a month at €1,212.75 pcm. A one-bedroom apartment in the Paris suburbs
was the only property type that Adleo tracks to see a rise in rents – up from €920.68 pcm to €934.29

Need to Secure a Rental Property?

Adleo Relocation has established agents working across London, Amsterdam and Paris. We have enviable relationships with each city’s leading real estate agents and property finders, so please get in touch if you need help with the local rental market.

*Average monthly rental figures, expressed in Euros & taken from Numbeo, 27th June 2023

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