Average rents in June rose by 6.7% year-on-year, revealed the latest figures from the Goodlord rental index.
The average cost of rent per property for tenancies confirmed in June was £1,225, higher than the £1,149 figure registered in the same month last year.
Regionally, the South West saw the highest year-on-year rent rise, jumping from £1,191 in June 2023 to £1,347 this month.
In London, rents broke the £2,000 mark for the first time this year, averaging £2,010 — up 2% year-on-year.
Between May and June, average rents rose by 4% month-on-month from £1,183 to £1,225, with all but one region recording an increase in rents.
Only the West Midlands saw a very small reduction in average rental prices of 0.42%.
The highest monthly rise was recorded in the South West (14%), followed by the North East (4%) and North West (4%).
The smallest monthly rises were recorded in the South East (1%) and Greater London (1%).
The Goodlord data also revealed that voids significantly shortened in June, with the average void period dropping from 21 in May to 17 days in June — however, this was slightly longer than the void period registered in June last year.
William Reeve, CEO at Goodlord, commented: “There is a lot of discussion as to whether the pace of rental price rises is starting to slow — the next three months, which typically bring the annual peak in rents, will settle this debate.
“Right now, if this year’s current trajectory of consistent 6-7% year-on-year rent rises continues, we’ll see new records broken across England.
“While a lot of the current signs indicate that this might be on the cards, we would need to see a very sizeable jump in rents over the next four to eight weeks to surpass 2023 averages.
“However, it’s safe to say that market demand clearly remains very strong and that this continues to push rents up month-on-month.”
