Chat with us, powered by LiveChat Rents Rise to 7-month High in UK Rental Market
4th June 2024
5 minutes

Rents Rise to 7-month High in UK Rental Market

According to the latest data from tenancy processing platform, Goodlord, average rents in the UK have hit their highest level since October 2023 as rents across the country rose by over 1% between April and May of this year, meaning rents are now 6% higher year-on-year.

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Average rents in the UK increase by 1.4% between April and May

The average rental cost in the UK rental market has reached a seven-month high this month according to the latest Rental Index from tenancy processing platform, Goodlord, reaching its highest level since October with rents across the country now 6% higher than they were at this time last year.

Average rents also increased by 1.4% between April and May of this year, meaning the average cost to rent a property in the UK now sits at £1,183, rising from April’s record figure of £1,166.

The sudden uptick in rental costs indicates that rents in the UK are on track to head into their summer season upswing that the market experiences each year as people find time to move now that children aren’t at school and students look for accommodation.

"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"
William Reeve, CEO at Goodlord.

UK rents increase by 6.4% year-on-year

The largest increase in rents was recorded in the West Midlands, followed closely by the North West, which both saw staggering increases in average rents over the last month, increasing by 4% and 2% respectively.

When compared to the previous year, the average rent in the UK has increased by 6.4% according to the figured obtained in May which is consistent with the annual rent increases recorded throughout 2024 so far.

This means that the average cost of renting a property in the UK has increased by £70 in the last year.

“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. … 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. However, while rents continue to outpace both inflation and earnings, there are some signs of pressures easing, as seen in the void figures.”
William Reeve, CEO at Goodlord.

London experiences 20% increase in void period length

Signs that the imbalance between demand and supply is lessening are present in the market as the average void period length reached 21 days compared to the previous month’s average of 19 days. However, the average void period recorded in May 2023 was also 19 days.

The largest increase in void period length was recorded in Greater London and the East Midlands, with both regions experiencing a staggering 20% increase in void length over the last month.

To speak to one of our expert team about our available properties and learn more about the current state of the UK property market, get in touch today.

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