Rents heat up ahead of the summer across England, the latest Rental Index from Goodlord has revealed.
Rents rose in May to hit a new seven-month high of £1,183, rising by 6.4% year-on-year. This is a rise of 1.4% compared to April’s figure of £1,166, the proptech said. It’s also the highest rent average recorded since October 2023, when rents on new tenancies were £1,190 per month.
The biggest month-on-month change was recorded in the West Midlands, where rents increased by 4%. This was followed by the North West, which recorded a 2% rise. The cost of renting a property in England has increased by £70 compared to May 2023, research showed.
“This month’s data may well have signalled the starting gun on summer price escalations. The coming months are traditionally the busiest season for the rental market and the time when rents peak” William Reeve, CEO at Goodlord said. “During 2024 so far, year-on-year rent rises have been fairly consistent – hovering around the +6-7% mark. Rental averages broke the £1,350 per month barrier for the first time in the summer of 2023. That means, if this 6-7% year-on-year trend continues, we could be seeing our first £1,400+ rental average being recorded in just a few months time” he added.
Experts also found that voids across England lengthened during May, hitting an average of 21 days. This is a rise of two days from April’s average of 19 days. Average voidage – which is how long a property is vacant between tenancies – is now 11% higher than at the same time last year.
The average renter signing a new tenancy in May earns an annual salary of £37,095 – up 0.8% on April’s figure of £36,810. The average age of renters in England during May was 33.
London-based innovative startup Goodlord provides a single central platform to streamline the renting process for agents, landlords and tenants.
