The cost of rent has fallen by a huge 12% in October, analysis from Goodlord has found.
This brings average rental costs down from September’s average of £1,447 to £1,276, meaning tenants moving in October would secure an annual saving of £2,052.
Voids also lengthened in almost all areas of the country, as the rental market moves into its quietest period of the year.
William Reeve, chief executive of Goodlord, said: “This month’s figures present something of a paradox. On the one hand, we have a big drop in rents and associate lengthening of voids; exactly what we’d expect to see at this time of the year.”
The largest reduction in rents was recorded in the South West, which saw prices drop by 24%.
Meanwhile the South East, Greater London and the East Midlands all saw rent reductions of over 10%.
The smallest shifts were seen in the North West and the West Midlands, where rents reduced by a comparatively modest c.6%.
Despite the significant month-on-month drop in rents, such a decline remains in line with expectations and mirrors market movements in previous years.
In 2024, rents dropped by 12.5% between September and October. And in 2023, an average reduction of 11.5% was recorded over the same time period.
