April 8th 2024
Rents have increased by 28% in England
New research from Goodlord has found that rents have climbed by over 6% compared to year-on-year figures.
Although change is something we’re all objectively weary of, an exception to this would be the continuing increases of rents across England. Unfortunately, new data from Goodlord, an award-winning lettings platform, demonstrates that individuals will be bearing the brunt of high rents for a little while longer.
The firm’s latest rental index highlighted that rents are now 28% higher than in March 2020 – just before the country was put into lockdown as a result of Covid-19. During this period, the average rent for a property in England was £909, but by the end of March 2024 this figure has jumped to £1,160.
According to the findings, which were published towards the end of last week, rent rises particularly accelerated in 2022, with a 10% year-on-year rise. Though, the data does show that the pace of increases has since slowed, but warns rents continue to rise.
Data from Goodlord showing how much rents have increased in England.
William Reeve, Goodlord’s chief executive, said: ‘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 the growing tenant population colliding directly with a lack of stock and a complicated combination of pressures facing landlords.’
Goodlord has claimed that while February experienced a higher-than-expected climb in rents, there was a brief respite last month – the average rent remained nearly unchanged at £1,160 compared to February’s £1,162.
Certain areas in England also experienced worse rent increases than others. In Greater London some rents hit £1,954 last month, whereas in the North East some landlords were only charging £851.
In addition to showcasing the increasing rental costs, the data also found that voids were unchanged month-on-month, with the number of days a property is vacant in between tenancies holding at 18 days, mirroring the trend seen in March 2023.
Image: Mika Baumeister
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