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

Welcome to Goodlord's March 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 March rents are now up by over 6% compared to year-on-year figures. However, additional analysis from Goodlord shows that the cost of rent in March 2024 is now 28% higher than in March 2020.

Toby Burgess-Smith
Data Analyst, Goodlord

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1. Rents hold firm after February jump

After a higher than expected rise in February, rents barely moved over the last month. The average rent for a property in England in March 2024 is £1,159, compared to £1,162 in February - a decrease of just £3 (or -0.2%).

The West Midlands and Greater London saw modest increases in the average cost of rent per property. All other regions recorded a decrease of less than 1.5%.

The highest rents can be found in Greater London, at £1,953, and the lowest in the North East, at £851.

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Average monthly rent across UK regions since January 2020.

2. Voids unmoved at 18 days

Voids were unchanged month-on-month, with the number of days a property is vacant in between tenancies holding at 18 days.

This is also the same void average recorded last year, in March 2023, meaning there has also been no movement in year-on-year averages when it comes to void periods.

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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:

“March was another strong performing month for the rental market, with rents and voids holding steady. However, the truly eye-opening data can be found in the year-on-year figures, which show just how rapidly rents across England have shifted since 2020.

In this post-pandemic era, rent rises have consistently outstripped inflation and evidence the needs of a growing tenant population colliding directly with lack of stock and a complicated combination of pressures facing landlords.”