Average rents in England were almost 9% higher in 2023 compared to the previous year, revealed the latest Goodlord Rental Index data.
According to the report, year-on-year figures show rents significantly increased throughout the course of 2023, with several records broken during the summer.
The highest rents of 2023 were recorded between July and September, when average rental property costs rose over £1,300 for the first time as tenants scrambled to secure properties amid a supply crunch.
July was the month with the highest average rent for the year, soaring to £1,367 per property across England — 9% higher than the same period in 2022.
Overall, the annual average rent for the whole of 2023 was £1,182, almost £100 higher than the previous year.
Regionally, Greater London saw the highest rents — £1,974 on average across 2023 — while the North East registered the cheapest average rents of £874 across the last 12 months.
While the average void duration across England held steady year-on-year, it hit a record low of just nine days in July 2023.
Regionally, the shortest void period was recorded in the North East, also in July 2023, when void periods hit just six days.
Oli Sherlock, managing director of insurance at Goodlord, commented: “It’s been a rollercoaster year for the market, with rents ending the year significantly up compared to 2022 figures.
“We’ve seen first-hand the unprecedented levels of demand for rental properties, as a growing tenant population has come face-to-face with the entrenched supply and demand issues facing our housing market.
“The lettings industry has striven to keep pace with this demand, as evidenced by some of the historically low void periods we’ve seen throughout 2023.
“Many agents will have been catching their breath over December, but it’s looking like 2024 will be another year of high rents, escalating demand, and ongoing regulatory changes which will keep the whole market on its toes.”
