The latest rental index from Goodlord has revealed a 1% rent rise during February, as the market continues to run hot year-on-year.
Rents have steadily been increasing following the traditional Christmas dip, despite rent rises between January and February being far from the norm; rents have dipped in February during four out of the last six years, according to index figures.
The new average figure of £1,162 means tenants are paying 7% more rent compared to February 2023.
Looking at the year-on-year data for February 2024 compared with the same month the yesr prior, the biggest increase in rents has been seen in the Southwest, where year-on-year prices have risen by a huge 11%.
This is followed by the Northeast, which has seen a 7.5% rise in rents.
The smallest year-on-year change was seen in the West Midlands, where tenants are paying 4.5% more in rent compared to this time last year.
William Reeve, CEO at Goodlord, commented: “We don’t normally see a bump in rents during February.
“It’s typically a slower month where things cool off following the post-Christmas release of demand we see in January.
“The fact that we’re seeing a rise this month is indicative of the ongoing squeeze on the market and a lack of available stock — something that’s further evidenced by the shortening of voids across England.
“Right now, the market is delivering consistent year-on-year stats when it comes to rent rises and we continue to hover around the 7% mark.
“All eyes will be on whether this starts to reduce as we come into the summer following last year’s record-breaking numbers, or if new records will be set.”
