Rents rise as voids fall – Goodlord

Rents in England climbed in February, with the Goodlord Rental Index reporting a noticeable upswing in tenant interest as void lengths shrank across all tracked areas.

The firm suggests this could signal a bustling spring season ahead for the private rented sector (PRS).

The index, which examines tens of thousands of fresh tenancy agreements each month, reported a 4% annual hike in rents.

The average rent in England is now £1,209, compared to £1,162 in February 2024 – slightly lower than January’s near-5% yearly growth.

Market refuses to cool off

Goodlord’s chief executive, William Reeve, said: “Within the latest figures, we still see signs of rising demand in a market that refuses to cool off.

“Voids have shortened once again after January’s record-breaking lengths.

“And whilst overall rents for February are only slightly higher than January’s figures, we don’t always see month-on-month increases at this time of year.”

He added: “These are strong indications that the PRS will continue to heat up alongside the weather.”

The rent rise charts

The West Midlands topped the rent rise charts with a 7% annual leap, pushing average rents from £934 to £1,000.

In contrast, the East Midlands saw the smallest increase with rents inching up by 2.5%, from £992 to £1,018.

On a monthly basis, February rents edged up by 0.2%, shifting from £1,207 to £1,209e.

The East Midlands led monthly gains, with a 3% boost from £987 to £1,018, trailed by the South East, where rents rose 2% from £1,320 to £1,350.

However, not every region followed suit as Greater London, the North East and North West saw minor dips in pricing.

Time a property sat empty

Voids also tightened after peaking at 24 days in January, the average time a rental property sat empty fell to 20 days in February.

That’s a 17% reduction and the shortest span since October 2024.

Despite this improvement, voids remain lengthier than the 18-day average recorded in February 2024.