The rental market in England experienced its fifth consecutive month of rent increases in May
Posted on Wednesday, 7 June, 2023
In May, six out of the eight regions monitored by Goodlord experienced an increase in rental prices. The average cost of rent per property in England rose to £1,111, up from £1,103 in April, representing a 1% increase.
This marks the fifth consecutive month of rising rents, reaching the highest level recorded since September 2022. The most significant price shift occurred in the South West, where rents rose by nearly 3%, increasing from £1,062 to £1,092.
While only two regions saw a decline in rental costs, the decrease was negligible. The East Midlands witnessed a 0.47% drop, and the North East experienced a -0.19% decrease.
Regarding void periods, there was no significant change in May, with the average for England remaining at 19 days, the same as in April. The West Midlands had the highest void periods, averaging 23 days, while London maintained the lowest at 12 days.
Three regions observed notable shifts in void periods during May. The East Midlands, North West, and South West all saw void lengths decrease by over 9%.
Oli Sherlock, Director of Insurance at Goodlord, noted that as the rental market enters the traditionally busy months, it is uncertain whether rental costs will reach the highs seen last summer. However, the data suggests that the upward trend in prices will continue, and with voids remaining stable, the market is expected to heat up as June approaches.