Year-on-year rents rise by 5.7% – voids remain stable

Year-on-year rents rise by 5.7% – voids remain stable

0:05 AM, 1st May 2024, About 3 months ago

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Rents continued their upward trajectory in April, with the latest figures from Goodlord showing a year-on-year increase of nearly 6% in England.

The average monthly rent now stands at £1,166, marking a £63 rise compared to April 2023.

Renters in the South West saw the most significant year-on-year change, with rents jumping by 11%, while Greater London experienced the smallest increase at just 3%.

Month-on-month, rents in England rose by 0.6%, with the East Midlands recording the most notable shift of nearly 3%.

‘Year-on-year rent rises continue’

The firm’s chief executive, William Reeve, said: “The latest data show that year-on-year rent rises continue, with rents up 6% compared to this time last year.

“Although inflation has now dropped to 3%, the ONS is reporting earnings growth of 6%.”

He added: “Rents neither outpacing nor lagging earnings implies the market is stabilising – an idea supported by what we see with voids which are tracking closely to the 2023 figures.”

The firm says that just two regions saw rents fall, with prices down by 1% in the West Midlands, and 0.15% in Great London.

The highest rents are currently found in Greater London, at £1,951, and the lowest in the North East, at £863 per month.

Void periods remained stable in April

Goodlord also reports that despite rising rents, void periods remained stable in April, averaging 19 days across England, a slight fall from 18 days in March.

The firm’s data shows that the only region to record a reduction in voids during April was Greater London, where they dropped from 16 days to 15 days.

April’s average of 19 days is unchanged from the voids recorded this time last year.

And, over recent months, voids have tracked close to their year-on-year averages, pointing to a potential return of predictability and consistency to void figures – if not to rent prices.

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