Rent prices in England exhibited a consistent upward trend for the fifth consecutive month in May, while void periods remained stable, as reported by Goodlord's Rental Index.

Out of the eight regions monitored by Goodlord, six experienced an increase in rents during the month. The average cost of renting a property in England rose to £1,111, compared to £1,103 in April, reaching the highest level since September 2022.

The South West emerged as the region with the most significant price shift, witnessing a nearly 3% rise from £1,062 to £1,092. However, only two regions saw a slight decline in rental costs, with the East Midlands experiencing a decrease of 0.47% and the North East observing a marginal drop of 0.19%.

Void periods remained steady throughout May, with an average of 19 days across England. The West Midlands had the longest void periods, averaging 23 days, while London had the shortest at 12 days.

Oli Sherlock, Director of Insurance at Goodlord, acknowledged the approaching peak season for lettings and expressed uncertainty about whether rental prices will reach the highs recorded last summer. Nevertheless, the data indicates a continuing upward trend in prices, coupled with stable void periods, suggesting an active rental market heading into June.

The recent findings from Goodlord's Rental Index indicate a sustained rise in rent prices across England in May. While some regional variations were observed, the overall market continues to show resilience. As the summer months approach, industry experts remain cautiously optimistic about the future trajectory of rental costs and void periods, keeping a close eye on market dynamics and tenant-landlord dynamics.