The average asking rent jumped to a new record high in the second quarter of this year, according to a property website.Across Britain, excluding London, the average advertised private rent on a home coming onto the market reached a record £1,397 per month in the second quarter, Rightmove said.This was 1.9% higher than the previous quarter and a 2.3% increase annually.In London, the average advertised private rent reached a record £2,791 per month. This was 2.0% higher compared with the previous quarter and a 2.9% annual increase.Rightmove said the number of homes to rent is 1% lower than a year ago, with the fall in rental supply appearing to be driven more by a drop in newly-listed properties for rent, rather than an increase in the speed of the market.Competition between tenants remains significantly lower than at its peak, with the average rental home now receiving 10 inquiries, compared with 11 a year ago and 22 in 2022, the report said.There are regional variations, with London rental properties having an average of eight inquiries, compared with 14 inquiries per rental property typically in the North West of England, Rightmove added.Colleen Babcock, a property expert at Rightmove, said: “Even though supply is no longer increasing, the market remains much more balanced than it was at the peak of competition in 2022.“Regional trends also continue to vary significantly across the country, with more affordable northern areas still seeing some of the strongest rental growth.”Get a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTGet a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTDavid Fell, lead analyst at Hamptons, said: “Falling mortgage rates in recent weeks have given landlords some breathing room, enticing those whose fixed deals are coming to an end to relet rather than sell up, preventing a more severe supply crunch.“For tenants thinking about buying, these lower rates are pushing monthly mortgage payments below the level of the rent they are paying.“This exit of longer-term renters and the strength of the first-time buyer market should help ease persistent rental demand.”