The cost of rent fell by 2.4% in November, marking the fourth month in a row that rent has fallen, the Goodlord Rental Index has revealed.
Prices peaked at £1,496 in July before dropping down to £1,245 in November.
William Reeve, chief executive of Goodlord, said: “We are seeing a pattern develop across these critical figures.
“Whilst month-on-month rental averages continue to mirror the seasonal ebbs and flows we’d expect of the market (particularly in the winter months), the uptick in the pace of annual rental inflation shows that supply and demand pressures aren’t abating.
“This could point towards new rental records being set next year and another intense year for the market, particularly as the Renters’ Rights Act comes into effect.”
Rents dropped month-on-month across all regions monitored except from the West Midlands, where prices increased by less than £1.
The biggest shift was seen in Greater London, where prices were 4.5% lower during November, followed by the North West, which saw a 4.3% reduction.
Year-on-year rents continue to rebound
The pace of year-on-year rental inflation is still high, as compared to November last year average rents are up by 3.3%.
This 3.3% rise is higher than October’s figure of 3.1% and significantly higher than figures recorded in September, when year-on-year rental inflation sat at 2%.
The most significant year-on-year rise was recorded in the North West, where prices are 6.6% higher compared to the same time last year. This was followed by the North East, where prices are up 5% year-on-year.
