Rents across England increased more than 1% between April and May
The latest Rental Index from PropTech platform Goodlord shows rents touched their highest levels since October over the last month.
Rents across England increased more than 1% between April and May. This means rents are now up 6% year-on-year.
Rents rose in May to reach a new seven-month high. The average cost of a rental property in England is now £1,183.
This is a gain of 1.4% compared to April’s figure of £1,166. It is also the highest rent average logged since October 2023, when rents on new tenancies were £1,190 per month.
The biggest month-on-month change was logged in the West Midlands, where rents increased 4%. This was followed by the North West, which recorded a 2% increase.
Year-on-year, average rents in May have risen by 6.4% – a figure consistent with the year-on-year rent hikes seen throughout 2024 to date.
The cost of renting a property in England has risen by £70 compared to May last year.
Voids across England lengthened during May, touching an average of 21 days. This is an increase of two days from April’s average of 19 days.
Average voidage – which is how long a property is vacant between tenancies – is now up 11% than at the same time last year, indicating a marginal lessening of the imbalance between demand and supply.
Twelve months ago, in May 2023, average voids were 19 days.
During May, the biggest shift in void periods was seen in Greater London and the East Midlands. Both areas saw a 20% rise in void lengths.
Chief executive William Reeve says: This month’s data may well have indicated the beginning of summer price escalations. The coming months are traditionally the busiest season for the rental market and the time when rents peak.
He added: During 2024 so far, year-on-year rent hikes have been fairly consistent – hovering near the +6-7% mark. Rental averages broke the £1,350 per month barrier for the first time in the summer of 2023.