England has seen rental costs rise for the fifth straight month in May, as reported by Goodlord’s latest Rental Index. In addition, the average void period, or time properties stand vacant, remained unchanged, indicating a strong market demand as we approach the traditionally busiest period for the rental sector.
Out of the eight regions monitored by Goodlord, six recorded an increase in rental costs throughout May. The average rental price per property in England now stands at £1,111, up 1% from £1,103 in April.
Rental prices have been on a steady rise for the past five months, reaching their highest level since September 2022. The most significant rise was seen in the South West, where rents increased by nearly 3%, jumping from £1,062 to £1,092.
Only two regions, the East Midlands and the North East, experienced a minor drop in rental prices, falling by 0.47% and 0.19% respectively.
The average void period across England held steady at 19 days during May, matching the figure recorded in April. The West Midlands had the highest average void periods at 23 days, while London maintained the shortest at 12 days.
Three regions, the East Midlands, the North West and the South West, saw a noticeable decrease in void periods in May, with reductions of over 9%.
Oli Sherlock, Director of Insurance at Goodlord, commented on the market trends, saying, “As we head into what are traditionally the busiest months of the lettings calendar, it remains to be seen as to whether we’ll hit the same rental cost highs recorded last summer. But the data is pointing to the ongoing rise in prices continuing and, with voids also holding firm, the market is definitely primed to heat up as we head into June.”