Lettings market ‘remarkably steady’ in March - Goodlord Rental Index

3 April 2023

Figures held steady month on month for English rents and voids in March, according to the latest Goodlord Rental Index.

Both rents and voids proved remarkably sticky during March, according to the latest Goodlord Rental Index, with figures holding steady month on month. Rents increased fractionally across England, with voids averages shifting by just a day. 

Rents stay high across country

Rental prices remained very consistent in March, compared to February figures. The average cost of a rental property in England is now £1,090.57 - up 0.14% month-on-month. This is the highest rate recorded since October 2022.

Most regions saw a negligible shift in prices. The biggest change was recorded in the East Midlands, where prices decreased by 2.8%. In the South West, however, prices rose by 2.4%.

Year-on-year, rental prices are now 8% higher than 2022 levels. 

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Voids stand their ground

The average void period for a rental property in England also saw little movement during March - inching up from 17 days on average in February to just 18 days this month.

The biggest rise in voids was recorded in the North East, which saw a 2-day jump from 15 to 17 days (a 13% uplift). The biggest decline in voids was seen in Greater London, where numbers dropped from 13 days to just 12.

Three regions - the East Midlands, North West, and South East - saw no movement at all. 

Tom Mundy, COO at Goodlord, comments:

“March was a consistent month for the market, matching February prices and voids very closely. In the coming months, however, we predict rents to creep back up towards levels since last summer. And the void picture in major urban areas, such as Greater London, offers another strong indication that demand remains high and shows no sign of abating."

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You can send the latest Goodlord Rental Index data straight to your landlords using Goodlord's free email newsletter template. The template includes the average monthly rent, void periods, and age and income of tenants in England, as well as the latest legislation news. The free email templates are available now.

Goodlord customers can customise their templates using their agency's own data through their Agent Hub. 

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