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Rent up, Voids down - new snapshot of lettings market today

The latest Rental Index from PropTech supplier Goodlord has recorded a rent rise and a reduction in void lengths over the past month, with the average rent seven per cent higher than at the same time in 2023. 

Average rents rose by one per cent during February, taking the average cost per property to £1,162 in England, up from £1,154 in January.

Rents have steadily been increasing following the traditional Christmas dip, despite rent rises between January and February being far from the norm; rents have dipped in February during four out of the last six years, according to Index figures. 


The new average figure of £1,162 means tenants are paying seven per cent more rent compared to February 2023. 

Looking at the year-on-year data for February 2024 vs. February 2023, the biggest increase in rents has been seen in the South West, where year-on-year prices have risen by 11 per cent. This is followed by the North East, which has seen a 7.5 per cent rise. 

The smallest year-on-year change was in the West Midlands, where tenants are paying 4.5 per cent more.

The biggest regional rise in rents during February came in the South West and the South East, where rents rose by 2.5 per cent. The average price of rental property in the South East is now £1,293, with the South West not far behind at £1,173. 

Two regions saw a drop in prices during February - the West Midlands dipped by 2.0 per cent and Greater London by 1.0 per cent. 

Further highlighting the ongoing demand for rental properties across England, void periods  - the average length of time a property is vacant between tenancies - also shortened during February. Average voids shortened from 22 days on average across England to 18 days - a reduction of 18 per cent. 

The biggest change to voids was recorded in the North East, where voids shortened from 24 days in January to just 17 days in February. 

All regions recorded shorter voids, with the exception of the South West, which saw void periods hold steady at 20 days month-on-month. 

William Reeve, chief executive at Goodlord, comments: “We don’t normally see a bump in rents during February. It’s typically a slower month where things cool off following the post-Christmas release of demand we see in January. The fact that we’re seeing a rise this month is indicative of the ongoing squeeze on the market and a lack of available stock - something that’s further evidenced by the shortening of voids across England. 

“Right now, the market is delivering fairly consistent year-on-year stats when it comes to rent rises and we continue to hover around the seven per cent mark. All eyes will be on whether this starts to reduce as we come into the summer following last year’s record breaking numbers, or if new records will be set.”

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  • icon

    Rents will keep going up until there is more supply. There is no policy in place to increase the supply of rental housing other than BTR, which is only increasing slowly. Private LLs continue to leave the sector at a faster rate than new LLs come in & the number of tenants keeps increasing. When will the govt take some action to ease this crisis?

  • icon

    Why exactly would rents drop ? 😂😂💵💵. We all understand 🤔 why, those making the decisions are utterly clueless.

  • icon

    So no surprises there then. Government increased regulation, increased taxation and higher mortgage costs have the effect that all LL's expected, reduced supply and increased rent.

    Make certain you give your tenants the address to send their rent increase complaints to:

    No 11 Downing Street,
    SW1A 2AB


    I'm having a round of rent increases at present, no complaints as yet, they all seem prepared to pay, they know the increases are fair and that to move would likely cost them a lot more, although I was hoping that that one woman would spit her dummy out and leave couldn't have increased hers by enough


    I have a very similar experience Andrew. My current tenant pays £1050, but as she's moving out imminently it's been put back on at 1400 - most expensive comparable houses in the area are 1500, lowest is about 1350. My agent said all the prospective new tenants didn't even blink when they heard the cost and were all desperate to get in.

  • icon

    Labour are keeping remarkably quiet at the moment. However I did read somewhere they are going to “reform” the RRB so a landlord can only be allowed to evict a tenant in order to sell if the landlord can prove hardship. Under the Conservatives’ proposals a landlord would still be able to move a member of his/her family in or be able to sell the property. Apparently Labour consider this a “loophole”!


    If true labours policy will end all further investment by LL's into the PRS which will restrict supply further and push up rent as a consequence. Didn't these people listen to supply and demand economics at GCSE???


    Bruce. they operate demand and supply. They demand and we are supposed to supply.

  • David Saunders

    An incoming Labour government with Angie in charge of housing policy will likely outlaw section 21 overnight in a similar manner to Harold Wilson Labour government of the late sixties which decreed all contracts between landlord and tenant worthless thus making all tenancies periodic with lifetime sitting tenants on council controlled rent plus the ability to pass on tenancy to offspring after which it took close on 20 years before the penny dropped as to why there were no properties available to rent and Maggie T introduced section 21

  • icon

    Well it looks like I got my wish after all the woman I was expecting to spit her dummy out over the rent increase has done so , so with a bit more luck she'll be off, good luck to her finding what she wants for the money she wants to pay.


    Fingers crosed for you, Andrew,


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