The latest figures from Goodlord’s Rental Index show a stark picture of the market in March 2024, revealing that renters are now forking out an average of 28% more than they did just four years ago. This significant hike in living costs is squeezing pockets and reshaping the housing affordability crisis for millions.
As of March 2024, the average cost of renting a property in England has climbed to an eye-watering £1,160 per month. This marks a substantial 28% increase from March 2020, when the average rent was a somewhat more palatable £909. The journey through these years has been anything but smooth, with the most significant jump observed in 2022—a 10% year-on-year increase that set the pace for today’s high rental costs.
Despite the relentless rise, the market showed a moment of respite in March 2024, as rent prices barely nudged from the previous month, decreasing by a mere £2.
London and the West Midlands Buck the Trend
The impact of rent increases varies across the country, with the West Midlands and Greater London experiencing modest rises in rental costs. Conversely, other regions have seen slight decreases, yet these have not been enough to significantly ease the burden on tenants. London continues to lead the pack with the highest rents, averaging £1,954 per month, while the North East offers the most affordable options at £851.
The Unchanging Void
In a market where every penny counts, the average void period—the time a property remains unoccupied between tenancies—has remained stable at 18 days. This constancy suggests a balanced dynamic between supply and demand, yet does little to alleviate the financial pressures facing tenants today.
A Closer Look from the Top
William Reeve, CEO of Goodlord, said, “March was another strong performing month for the rental market, with rents and voids holding steady. However, the truly eye-opening data can be found in the year-on-year figures, which show just how rapidly rents across England have shifted since 2020. In this post-pandemic era, rent rises have consistently outstripped inflation; evidence of the needs of a growing tenant population colliding directly with lack of stock and a complicated combination of pressures facing landlords.”