The latest Rental Index from Goodlord has shown that April rents are up by nearly 6% year-on-year, with the new average price per property now £1,166 per month. Throughout April, voids held steady across England and remained in line with year-on-year figures, perhaps indicating a more predictable year-on-year pattern of demand across the market.
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Compared to figures from last year, April rents are now up by 5.7%. The price per property over the last month was £1,166. In comparison, prices across April 2023 averaged £1,103.
The biggest year-on-year changes have been recorded in the South West, where average rents for April are up by 11% compared to the same time last year. Average monthly rents in the region have risen from £1,062 per property to £1,184.
The smallest year-on-year change was recorded in Greater London, where rents are up 3% compared to 2023.
Rents across England rose by half a percentage point (0.6%) between March and April; up from an average of £1,160 in March to £1,166 in April.
The most significant month-on-month shift was recorded in the East Midlands, where rents were up by nearly 3% compared to March.
Only two regions recorded a reduction in rents. With prices down by 1% in the West Midlands, and 0.15% in Great London.
The highest rents are currently found in Greater London, at £1,951, and the lowest in the North East, at £863 per month.
As rents rise, voids are holding steady. The average void period (the number of days a property is vacant between tenancies) was 19 days during April. This is up just one day from March’s average of 18 days.
The only region to record a reduction in voids during April was Greater London, where voids dropped from 16 days to 15 days.
“The latest data show that year-on-year rent rises continue, with rents up 6% compared to this time last year. Although inflation has now dropped to 3%, the ONS is reporting earnings growth of 6%. Rents neither outpacing nor lagging earnings implies the market is stabilising - an idea supported by what we see with voids which are tracking closely to the 2023 figures.”