1. Year-on-year rents up 4.6%

The average price of rental property in England was £1,213 during March. This is 4.6% higher than the £1,160 recorded last year, in March 2024. In total, that means renters signing new tenancies in March were paying £636 more per year, per property.

The South East saw the most significant rental growth over the year - jumping by over 6% year-on-year. In March 2024, a property in the South East cost £1,286 per month. Last month, this had risen to £1,365.

This was followed by the West Midlands and the North West, with both regions recording a 5% year-on-year rent rise. The slowest year-on-year growth was seen in the East Midlands, coming in at under 3%.

2. Month-on-month rents rise for third month in a row

March brought the third consecutive month of rental growth, as the market continues to defrost from its traditional winter cool down.

Prices only rose a fraction (0.33%) between February and March - up from £1,209 to £1,213 per property. However, this slight increase compares with a slight decrease in rental averages during the same period last year (Feb-March 2024), indicating a touch more momentum in the market than in 2024.

All regions monitored recorded a month-on-month rental increase, with the exception of the East Midlands which saw a 3% decrease during March (£1,018 to £987).

The largest rise in rents was recorded in Greater London, where they jumped up by over 1% - from £2,021 to £2,045.

3. Mixed picture for voids as regions pull away

Voids lengthened slightly during March. Averages sat at 21 days compared to February’s 20 days.

However, it was a more complex picture at regional level. Greater London, the North West, and the South West all saw voids shorten. Whilst in the East Midlands and the North East there was no change to voids month-on-month.

In contrast, the South West saw a lengthening of voids (rising by 2 days) and there was a big jump in the West Midlands (up by 5 days).