Rents are still high, but there are hints that the market might be cooling down.

The latest Goodlord Rental Index shows that across England, the average rent hit £1,417 in September. That’s a slight dip from August’s £1,438, but it’s still a hefty 5.3% leap compared to September last year.

Year-on-Year Slowdown Offers Glimmer of Hope

Before you start planning that celebratory getaway with the extra cash, there’s a chance things might be changing. This 5.3% increase, while impressive, is actually smaller than the 7% jumps we’ve been seeing earlier this year. Could this be the first sign that the rental market is finally starting to chill out?

Regional Differences: South West Still a Goldmine?

Remember though, that it’s a different story depending on where you are. Down in the South West, there was an 11% increase compared to last September. On the flip side, the North West and West Midlands are lagging behind with a more modest 2-3% rise.

London Rents Still Through the Roof

And what about the capital? London landlords can breathe a sigh of relief – rents jumped a massive 8% in September, hitting an eye-watering average of £2,376.

Tenants Feeling the Pinch, Salaries Can’t Keep Up

It’s not all sunshine and roses, though. While average salaries for new renters did go up by 5.55% this September compared to last, it’s still not enough to keep up with the soaring cost of renting.

What does it all mean?

The experts are cautiously optimistic. William Reeve, at Goodlord, reckons this could be the start of a more balanced rental market, especially as we head into the winter months. But it’s still early days, so don’t go making any drastic decisions just yet.