Rental prices in England rose again in June for the sixth consecutive month, according to Goodlord’s latest rental index.
The cost of rent rose in six of the seven regions monitored by Goodlord with the average cost of rent per property in England now at £1,148 — up from £1,111 in May — a 3.3% increase.
The biggest rise in prices was recorded in the south-west, where rents rose by 9% — from £1,092 to £1,191.
The East Midlands saw the only decline with a cost drop of around 1%.
The highest prices are found in Greater London, where the average cost of a rental property is now £1,965 per month.
Rental costs have risen for six consecutive months, with prices now at their highest level recorded since September 2022, when costs hit a peak of £1,249.
Voids also declined throughout June across five of the seven regions, which Goodlord claim is another indicator that the market is heating up for the summer months.
Void periods in England fell on average from 19 to 16 days — a reduction of 15%.
The biggest change was recorded in the south-west which saw voids drop from 20 days to 11 — a 45% shift — making it the region with the lowest void periods in England for this month.
Three further regions saw double-digit declines in voids with the north-east (-16%), north-west (-15%) and the west-midlands (-21%).
However, two regions saw an uptick in voids with numbers up 15% in the east Midlands and 16% in Greater London.
Oli Sherlock, director of insurance at Goodlord, commented: “We’ve now seen six consecutive months of price rises and we predict this to continue throughout the summer.
“The fairly sizable drop in void periods during June also reflects this intensification of demand, as tenants snap up properties as soon as they come on the market.
“We’ll likely see prices and demand peaking as we hit the start of the academic year and, whilst things normally begin to cool down over the autumn and winter, if supply issues continue, we could see this pressure on rental stock continue, affecting all industry stakeholders.”
