Rental sector is ‘primed to heat up’ this month

Rent prices across England increased for the fifth consecutive month in May, signalling a strong market demand as the summer season approaches – typically the busiest period for the sector.

Goodlord’s rental index reveals that of the eight regions monitored, six experienced rising rents last month.

And the void periods also show that tenant demand for property is still strong.

The average rent per property in England now stands at £1,111 – that’s a 1% increase from April’s £1,103.

Goodlord says that rents are now at their highest point since September 2022.

‘Traditionally the busiest months of the lettings calendar’

The firm’s director of insurance, Oli Sherlock, said: “As we head into what are traditionally the busiest months of the lettings calendar, it remains to be seen as to whether we’ll hit the same rental cost highs recorded last summer.

“But the data is pointing to the ongoing rise in prices continuing and, with voids also holding firm, the market is definitely primed to heat up as we head into June.”

The data shows that the South West saw the most significant jump in rents in May, rising by nearly 3% from £1,062 to £1,092.

In contrast, only two regions witnessed a slight fall in rents – landlords in the East Midlands saw a 0.47% drop and those in the North East saw a 0.19% decline.

The national average for void periods

However, Goodlord’s research also shows that the national average for void periods remained steady at 19 days in May, consistent with April’s numbers.

The West Midlands had the highest void average at 23 days, while London maintains the lowest void period at just 12 days.

During May, the East Midlands, North West and South West regions experienced notable reductions in void lengths, each falling by more than 9%.