April rents are up by 5.7% year-on-year – driven by a strong increase in the South West, the Rental Index from Goodlord has found. 

The price per property over the last month was £1,166. In comparison, prices across April 2023 averaged £1,103.

In the South West are up by 11% compared to the same time last year, rising from £1,062 per property to £1,184.

The smallest year-on-year change was recorded in Greater London, where rents are up 3% compared to 2023.

William Reeve, chief executive of Goodlord, said: “The latest data show that year-on-year rent rises continue, with rents up 6% compared to this time last year.

“Although inflation has now dropped to 3%, the ONS is reporting earnings growth of 6%.

“Rents neither outpacing nor lagging earnings implies the market is stabilising – an idea supported by what we see with voids which are tracking closely to the 2023 figures.”

Only two regions recorded a reduction in rents. With prices down by 1% in the West Midlands, and 0.15% in Great London.

The highest rents are currently found in Greater London, at £1,951, and the lowest in the North East, at £863 per month.

As rents rise, voids are holding steady. The average void was 19 days during April, up from March’s average of 18 days.

Via @PropertyWire