In April, rental prices surged by an average of nearly 6% compared to the same month last year, according to the latest rental index from Goodlord. The average rental price per property now stands at £1,166 per calendar month (pcm).
Throughout April, void periods remained consistent across England, aligning with year-on-year figures. This stability may suggest a more predictable demand pattern in the market compared to previous years.
The data indicates a substantial year-on-year increase in April rents, with prices climbing by 5.7%. In April 2023, the average monthly rent per property was £1,103, compared to £1,166 in April 2024.
The most significant year-on-year rent hikes were observed in the South West, with average rents surging by 11% compared to last year. Monthly rents in the region increased from £1,062 to £1,184 per property.
Conversely, Greater London recorded the smallest year-on-year rental increase, up by 3% compared to 2023.
Between March and April, rents across England saw a modest 0.6% increase, rising from an average of £1,160 to £1,166.
The East Midlands experienced the most notable month-on-month shift, with rents climbing by nearly 3% compared to March.
Only two regions reported a decline in rents, with the West Midlands seeing a 1% decrease and Greater London a 0.15% reduction.
Greater London boasts the highest rental prices at £1,951, while the North East has the lowest at £863 per month.
Despite the upward trend in rents, void periods remained steady. The average void period in April was 19 days, up by just one day from March's average of 18 days.
Greater London was the only region to witness a decrease in voids during April, dropping from 16 days to 15 days.
The average void period in April 2024 mirrored that of April 2023, both standing at 19 days. This consistency suggests a potential stabilization in void figures, albeit not in rental prices.
William Reeve, CEO of Goodlord, noted that while rents continue to rise year-on-year, the market appears to be stabilising, with rents aligning closely with earnings growth. This stability is further supported by consistent void figures compared to the previous year.