Rents in England have risen by 28% since 2020

Rents in England have risen by 28% since 2020

0:06 AM, 5th April 2024, About 2 months ago 1

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Rents in England continued their upward annual climb in March and while month-on-month prices remained flat, they rose 6.4% compared to March 2023, Goodlord reveals.

The firm’s latest rental index also highlights that rents are now 28% higher than in March 2020, just before the pandemic lockdown.

In 2020, the average rent for a property in England was £909 – and by March 2024, that figure had jumped to £1,160.

Rent rises accelerated in 2022, with a 10% year-on-year rise and while the pace has slowed slightly, rents continue to climb.

‘March was another strong performing month’

The firm’s chief executive, William Reeve, said: “March was another strong performing month for the rental market, with rents and voids holding steady.

“However, the truly eye-opening data can be found in the year-on-year figures, which show just how rapidly rents across England have shifted since 2020.

“In this post-pandemic era, rent rises have consistently outstripped inflation; evidence of the needs of a growing tenant population colliding directly with lack of stock and a complicated combination of pressures facing landlords.”

Higher-than-expected rise in rents

Goodlord says that while February saw a higher-than-expected rise in rents, there was a brief respite last month.

The average rent remained nearly unchanged at £1,160 compared to February’s £1,162.

Regional variations exist, with Greater London boasting the highest rents at £1,954 and the North East offering the most affordable option at £851.

Voids also remained steady at 18 days, mirroring the trend seen in March 2023.

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Cider Drinker

8:35 AM, 5th April 2024, About 2 months ago

Since 2020, the Retail Price Index has risen by 30%. So, well done landlords for keeping rent increases below the rate of inflation 😉 .

During the same period, my mortgage costs have risen more than six-fold. All other costs have also risen sharply.

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