Following a higher-than-expected rise in February, rents remained nearly stagnant over the past month. The average rent for a property in England in March 2024 stands at £1,160, compared to £1,162 in February—a mere £2 decrease (or -0.2%).
Modest increases in the average rent per property were observed in the West Midlands and Greater London. However, all other regions experienced a decrease of less than 1.5%.
Greater London boasts the highest rents at £1,954, while the North East features the lowest at £851.
There was no change in voids month-on-month, with the average vacant property duration between tenancies holding steady at 18 days.
This also mirrors the void average recorded in March 2023, indicating no movement in year-on-year averages for void periods.
CEO of Goodlord, William Reeve, commented on the Goodlord Rental Index: “March was another strong performing month for the rental market, with rents and voids holding steady. However, the truly eye-opening data can be found in the year-on-year figures, which show just how rapidly rents across England have shifted since 2020.
“In this post-pandemic era, rent rises have consistently outstripped inflation; evidence of the needs of a growing tenant population colliding directly with lack of stock and a complicated combination of pressures facing landlords.”
If you’d like to learn more about the UK buy-to-let market, dive into some of our area guides:
