Good news for rents as summer approaches

The latest Rental Index from Goodlord has revealed that rents hit their highest levels since October over the last month.

Rents across England rose by over 1% between April and May with the average now being £1,183. This means rents are now 6% higher year-on-year. This is a rise of 1.4% compared to April’s figure of £1,166. It’s also the highest rent average recorded since October 2023, when rents on new tenancies were £1,190 per month. The average renter signing a new tenancy in May earns an annual salary of £37,095 – up 0.8%slightly on April’s figure of £36,810.

The highest salaries were in Greater London (£49,883) while the average age of renters in England during May was 33. Voids across England lengthened during May, hitting an average of 21 days. This is a rise of two days from April’s average of 19 days.