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Navigating Post-Pandemic Rental Trends in London: Owner and Director of Jeremy Jacob Letting Specialists thoughts

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Navigating Post-Pandemic Rental Trends in London: Owner and Director of Jeremy Jacob Letting Specialists thoughts (by Jay White).

In the wake of the COVID-19 pandemic, the London rental market underwent significant fluctuations. During the height of the crisis, rents dropped as demand waned, allowing tenants to secure properties at notably reduced rates. Fast forward to 2025, and the landscape has shifted once again.

From Pandemic Peaks to Market Equilibrium

One of the most striking examples we've encountered at Jeremy Jacob Letting Specialists is the case of tenants who secured leases during the pandemic lows. These tenants enjoyed significantly reduced rental rates, a silver lining during otherwise challenging times. However, as the economy rebounded and inflation surged, rental prices naturally adjusted upwards, aligning with the broader economic environment. I mention this as we are still having challenging moments with Tenants coming out of tenancies that started in COVID. They're popping their head up, looking at the market and don't really like it. This unfortunately can resort to some back lash against the agent or landlord.

Understanding the Current Market Context

As we navigate 2025, it's clear that the rental market has stabilised. The sharp inflationary spikes of the of 1-2 years ago have given way to a more balanced market, with rents softening to reflect current conditions. While this means that some tenants who locked in lower rents during the pandemic might still feel a pinch when renewing at today's rates, it’s important to understand the broader context. Landlords have also faced increased costs, from rising service charges, mortgage rates to general maintenance expenses.

Finding a Fair Middle Ground

At Jeremy Jacob Letting Specialists, we recognise the need to balance these interests. For tenants who have benefited from pandemic-era rates, it's a good time to reassess what constitutes a fair market rent. Though these adjustments might feel steep, they reflect a normalised market after a period of unusual volatility. Additionally, yep Landlords too should recognise that rents have adjusted down from their inflationary peak 1-2 years ago.

Looking Forward

As we move forward, we are trying to have candid and upfront conversations with our Tenants about the current rental market, and we try and always do it respectfully and tread sensitively. At Jeremy Jacob Letting Specialists, we are committed to guiding our clients—both tenants and landlords—through these transitions. If you're navigating the evolving rental landscape, reach out to us—Kensington's dedicated letting-only agency (and one of London's limited offering of letting only agencies).

16/05/25