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Goodlord Rental Index
Goodlord Rental IndexJune 2024
Monthly key figures for the private rented sector

Welcome to Goodlord's June 2024 Rental Index.

Toby Burgess-Smith

Every month, Goodlord reveals key figures for the private rented sector based on tenancies processed through our platform, including average rents, voidage periods, and more.

The latest Rental Index from Goodlord has shown that rents rose by 6.7% year-on-year. Rents across England rose by over 4% between May and June. However, void periods see a signficiant reduction month-on-month.

Toby Burgess-Smith
Data Analyst, Goodlord

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1. Rents rise 6.7% year-on-year

The average cost of rent for tenancies confirmed in June was £1,225. This is 6.7% higher than figures recorded at the same time last year - in June 2023, average rents sat at £1,149.

Regionally, the most significant year-on-year rise was recorded in the South West, where prices rose from £1,191 in 2023 to £1,347. This is an increase of 13%.

In London, rents broke the £2,000 mark for the first time this year. An average of £2,010 was recorded for properties in the capital during June (up 2% year-on-year).

June traditionally marks the beginning of ‘high season’ for rental prices. Buoyed by demand from students, rents typically peak between June and September. Last year, rents peaked in July at £1,367 per property, on average.

During every year since 2019, the Rental Index has recorded a rise in rental prices between June and July, meaning even higher rental prices should be expected next month.

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Average monthly rent across UK regions since January 2020.

2. Voids see significant reduction as market heats up

Alongside the rise in rents, voids significantly shortened in June. The average void period - the number of days a property remains vacant between tenancies - was 17 days in June. This is down from 21 days in May, a 19% reduction.

June’s 17 day average was, however, slightly longer than the void period recorded this time last year, in June 2023, when voids were 16 days.

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Average void periods in days across UK regions since January 2020.

3. Tenant salaries see uplift

Average tenant salaries rose by 0.8% this month, increasing from £29,637 in July to £29,883 in August.

The age of tenants dipped slightly, taking the average down to 32. The last time the average age was this low was August 2021, reflecting the number of student renters signing tenancies in the summer months.

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William Reeve, CEO of Goodlord, says:

“There is a lot of discussion as to whether the pace of rental price rises is starting to slow. The next three months - which typically bring the annual peak in rents - will settle this debate. Right now, if this year’s current trajectory of consistent 6-7% year-on-year rent rises continues, we’ll see new records broken across England. And whilst a lot of the current signs indicate that this might be on the cards, we would need to see a very sizeable jump in rents over the next 4-8 weeks to surpass 2023 averages.

However, it’s safe to say that market demand clearly remains very strong and that this continues to push rents up month-on-month.”