Demand for homes in the PRS was 11% lower in December 2023 than the previous year, but remained one-third higher than the five-year average.
Available stock increased but was still 18% lower than the 5-year average.
68% of landlords increased rents in the year to September 2023, while 31% froze rents.
Three-quarters expect to increase rents in the next twelve months due to rises in inflation, interest rates and property maintenance costs.
Despite this, the NRLA saw that against sustained, high demand for private rented homes, landlord confidence improved in Q3 2023.
This has been driven by falling inflation, stabilising interest rates and government assurances that, in England, Section 21 will not be abolished until court reform is sufficiently progressed.
However, with continued uncertainty around rental reform and a general election on the horizon, whether this increased confidence can be sustained is unknown.