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.
April rents up nearly 6% year-on-year
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 rise month-on-month
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.
Another steady month for voids
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.
April 2024’s average of 19 days is unchanged from the void figures recorded this time last year, in April 2023, which was also 19 days. Over recent months, void periods have tracked closely to their year-on-year averages, indicating a potential return of predictability and consistency to void figures, if not to rental prices.
William Reeve, CEO of Goodlord, said, “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.”
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