Rents fall for fourth month as November slowdown takes hold

Rents in England dropped for a fourth straight month in November as the winter lull took hold, but annual rental inflation rose from 3.1% to 3.3%.

The data from Goodlord reveals that the average rent slipped by 2.4%, falling from £1,276 in October to £1,245.

It marks a steady decline since July’s peak, when the typical tenancy hit £1,496.

Tenants signing a tenancy now are paying £251 less each month than someone who moved in at the height of summer, a gap of £3,012 a year.

Supply and demand pressures

Goodlord’s chief executive, William Reeve, said: “We are seeing a pattern develop across these critical figures.

“Whilst month-on-month rental averages continue to mirror the seasonal ebbs and flows we’d expect of the market, particularly in the winter months, the uptick in the pace of annual rental inflation shows that supply and demand pressures aren’t abating.”

He added: “This could point towards new rental records being set next year and another intense year for the market, particularly as the Renters’ Rights Act comes into effect.”

Voids lengthen

Every region monitored recorded a dip apart from the West Midlands, where the change amounted to less than a pound.

Greater London saw the sharpest fall at 4.5%, closely followed by the North West on 4.3%.

The combination of easing rents and quieter November activity saw voids lengthening from 21 to 24 days.

That’s the highest figure for this point in the year since 2024, when voids were three days shorter.

In the West Midlands the typical property sits empty for around 30 days.

London remains the quickest market with an average void of 20 days, despite the sharp month-on-month drop in rents.

Property118 commercial reality check

Seasonal softness is not a strategic threat. It is a reminder that portfolio performance depends on disciplined modelling, not monthly headlines. Winter voids expose operational weaknesses, although they also give professional landlords space to tighten systems before the spring surge.

What serious landlords should do next

Document and audit readiness: Refresh portfolio records, rental histories, void patterns and valuation notes while the market is quieter. Treat the winter lull as a data-gathering window that sharpens decision making for Q1.

Smart refinancing: Review fixed-rate maturities, stress-test gearing at today’s interest costs and model scenarios for 2025. Landlords who prepare their refinancing options early secure better terms.

Selective improvements: Target the units with the longest voids and the weakest winter performance. Small upgrades in presentation, energy efficiency or spec can lift rentability and reduce downtime.

Capital redeployment: Model the return on capital across your portfolio. Underperforming assets drag cashflow, especially during seasonal dips. A structured redeployment plan protects yield and strengthens long-term balance-sheet resilience.

Delegation and automation: Use slower months to systemise renewals, inspections and marketing flows. Automation reduces operational drag and cuts the likelihood of prolonged voids.