Rents hit new high in May as renters fork out £1,183

Rents in England have hit a new high with the average cost of renting a property now £1,183 – a rise of 1.4% compared to April’s figure of £1,166.

That’s according to the latest rental index from Goodlord which says this is also the highest rent average recorded since October 2023, when rents were £1,190.

The tenancy processing platform adds that the rise in rents is down to several factors, including increased demand from tenants and a shortage of properties.

It says the biggest month-on-month rent rise was seen in the West Midlands, where rents rose by 4%.

This was followed by the North West, which recorded a 2% rise.

Signalled the start of summer price escalations

Goodlord’s chief executive, William Reeve, said: “This month’s data may well have signalled the starting gun on summer price escalations.

“The coming months are traditionally the busiest season for the rental market and the time when rents peak.

“During 2024 so far, year-on-year rent rises have been fairly consistent – hovering around the +6-7% mark.”

He adds: “Rental averages broke the £1,350 per month barrier for the first time in the summer of 2023.

“That means, if this 6-7% year-on-year trend continues, we could be seeing our first £1,400+ rental average being recorded in just a few months’ time.”

The cost of renting a property in England

Year-on-year, average rents in May have increased by 6.4% and the cost of renting a property in England has increased by £70 compared to May 2023.

The index also reveals that voids across England lengthened during May, hitting an average of 21 days – up two days from April’s average of 19 days.

Average voids are now 11% higher than at the same time last year which suggests that the demand and supply imbalance is improving.

The biggest shift in voids was seen in Greater London and the East Midlands where both areas saw a 20% increase in void lengths.