An analysis of more than 100,000 tenancies signed during 2019 has revealed that tenants can get the cheapest deals on rent in February.
The analysis, conducted by Goodlord, looked at thousands of lets from across the UK. The research revealed that the average monthly price of a UK rental property was £887 in February 2019. This compared to £1,034 in September 2019, when annual prices peaked, a difference of 16.5%.
In Wales, a rental property snapped up in February cost £693 on average. For those who waited until June, averages had jumped to £800 - an increase of 15%.
Likewise, in Greater London, renters paid an average of £1,619 per property if they signed a lease during February. For those who waited until August, average prices in London had jumped to £1,820. That’s a difference of 12%, representing a £2,412 annual saving.
In the South West, snapping up a new rental property in February cost £878 on average. The region saw prices rise to £1,126 in August.
Tom Mundy, COO at Goodlord, comments:
“The rental market starts to slow down as soon as winter sets in. People delay decision making over Christmas and the New Year and it can take a while for the market to pick back up. This means the colder months are the best time to get a great deal on rent. During 2019, the lowest rents across the UK were found in February, March, and November. Fewer people are looking for new properties, meaning there is less gazumping, and you’re not competing with the student market, which really picks up steam over the summer. So if you’re eyeing up a move, now is the perfect time to act.”