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Goodlord Rental Index
Goodlord Rental IndexMay 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 rents rents hit their highest levels since October over the last month. Rents across England rose by over 1% between April and May. This means rents are now 6% higher year-on-year.

Toby Burgess-Smith
Data Analyst, Goodlord

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1. Rents heat up ahead of summer

Rents rose in May to hit a new seven-month high. The average cost of a rental property in England is now £1,183. This is a rise of 1.4% compared to April’s figure of £1,166.It’s also the highest rent average recorded since October 2023, when rents on new tenancies were £1,190 per month.

This rise indicates that rents may be heading into their seasonal summer unswing.

The biggest month-on-month change was recorded in the West Midlands, where rents rose by 4%. This was followed by the North West, which recorded a 2% rise.

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Average monthly rent across UK regions since January 2020.

2. Voids buck predictions to lengthen

Voids across England lengthened during May, hitting an average of 21 days. This is a rise of two days from April’s average of 19 days.

Average voidage - which is how long a property is vacant between tenancies - is now 11% higher than at the same time last year, suggesting a slight lessening of the imbalance between demand and supply. Twelve months ago, in May 2023, average voids were 19 days.

During May, the biggest shift in void periods was seen in Greater London and the East Midlands. Both areas saw a 20% increase in void lengths, despite consistently high demand from tenants to secure properties.

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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:

This month’s data may well have signalled the starting gun on summer price escalations. The coming months are traditionally the busiest season for the rental market and the time when rents peak. 

During 2024 so far, year-on-year rent rises have been fairly consistent - hovering around the +6-7% mark. Rental averages broke the £1,350 per month barrier for the first time in the summer of 2023. That means, if this 6-7% year-on-year trend continues, we could be seeing our first £1,400+ rental average being recorded in just a few months time.”