Skip to content

Bad news for tenants, as rents continue rise

The cost of renting continued to rise between April and May, as tenants continue to feel the pinch of higher mortgage rates and energy prices, Goodlord’s Rental Index has found.

The South East saw the biggest increase month-on-month, rising by nearly 3% to £1,092 per month.

Rents have now risen for five consecutive months, with the average cost of rent per property in England now standing at £1,111.

Oli Sherlock, director of insurance at Goodlord, said: “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.”

On void periods, the highest are in the West Midlands, where averages stand at 23 days – suggesting there’s more of a churn of tenants in the region.

London retains the title for lowest void periods at 12 days, where there’s such strong demand that properties rarely stay empty for long.