top of page
  • Writer's pictureSarah Ruivivar

Summer Rent Surge: What to Expect

Image credit: Letting Agent Today

The latest Rental Index from PropTech platform Goodlord reveals that rents across England are on the rise again, hitting their highest levels since October.


Between April and May, rents climbed by over 1%, making them 6% higher than this time last year.


The average cost of renting a property in England now stands at £1,183, up 1.4% from April's £1,166. This is the highest rent average recorded since October 2023, when rents were £1,190 per month. The West Midlands saw the most significant jump with a 4% increase, followed by the North West with a 2% rise.


 

Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register

 

Year-on-year, May's average rents have surged by 6.4%, consistent with the trends seen throughout 2024. Compared to May 2023, the cost of renting has increased by £70.


Voids, or the time a property remains vacant between tenancies, have also lengthened. May saw an average void period of 21 days, up from April's 19 days. This 11% increase from last year suggests a slight easing in the supply-demand imbalance. Greater London and the East Midlands experienced the most significant shifts, with void periods increasing by 20%.


Goodlord's CEO, William Reeve, notes, "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."


With year-on-year rent rises hovering around the 6-7% mark, we could see average rents breaking the £1,400 barrier soon. While rents continue to outpace inflation and earnings, the increasing void periods hint at some easing pressures.


So, buckle up, property professionals! Summer 2024 is shaping up to be a sizzling season for the rental market. Keep an eye on those voids and get ready for potential rent hikes.



 

Want to learn more about AI's impact on the world in general and property in particular? Join us on our next Webinar! Click here to register

 


Made with TRUST_AI - see the Charter: https://www.modelprop.co.uk/trust-ai

22 views0 comments

Comments


bottom of page