Rent prices in April have seen a 5.7% increase compared to the previous year, with a significant rise observed in the South West, according to the Rental Index by Goodlord.
The average rent for a property this past month was £1,166, while in April of the previous year, it was £1,103.
Rents in the South West have seen a sharp increase of 11%, climbing from £1,062 to £1,184 per property year-on-year.
The smallest rent increase over the last year took place in Greater London, with a 3% rise.
William Reeve, the CEO of Goodlord, commented: “Current figures reveal that rent prices are continuing to rise by 6% compared to last year.
“With inflation now at 3% and earnings growth at 6%, as reported by the ONS, the fact that rent increases are in line with earnings suggests that the rental market is reaching a balance. This is also mirrored by the void periods between tenancies, which are similar to those of 2023.”
Two areas witnessed a decrease in rent prices, with the West Midlands seeing a 1% drop and Great London a slight decrease of 0.15%.
The most expensive rents are in Greater London, averaging £1,951, while the most affordable are in the North East, at £863 per month.
Despite the upward trend in rent, the average time properties remain unoccupied remains similar to last month, with an average void period of 19 days in April, just one day more than March.
