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

Welcome to Goodlord's April 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 April rents are up by nearly 6% year-on-year, with the new average price per property now £1,166 per month. Throughout April, voids held steady across England and remained in line with year-on-year figures, perhaps indicating a more predictable year-on-year pattern of demand across the market.

Toby Burgess-Smith
Data Analyst, Goodlord

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1. April rents up nearly 6% year-on-year

Compared to figures from last year, April rents are now up by 5.7%. The price per property over the last month was £1,166. In comparison, prices across April 2023 averaged £1,103.

Rents across England rose by half a percentage point (0.6%) between March and April; up from an average of £1,160 in March to £1,166 in April.

The most significant month-on-month shift was recorded in the East Midlands, where rents were up by nearly 3% compared to March. Only two regions recorded a reduction in rents. With prices down by 1% in the West Midlands, and 0.15% in Great London.

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Average monthly rent across UK regions since January 2020.

2. Another steady month for voids

As rents rise, voids are holding steady. The average void period (the number of days a property is vacant between tenancies) was 19 days during April. This is up just one day from March’s average of 18 days.

April 2024’s average of 19 days is unchanged from the void figures recorded this time last year, in April 2023, which was also 19 days. Over recent months, void periods have tracked closely to their year-on-year averages, indicating a potential return of predictability and consistency to void figures, if not to rental prices.

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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:

“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%. 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. ”