Data from Goodlord's latest Rental Index reveals that over the past month, rental prices soared to their highest levels since October.

In England, rents saw an increase of over 1% between April and May, now standing 6% higher compared to the same period last year.

Currently, the average cost for renting a property in England has reached £1,183.

This represents a 1.4% rise from April's average of £1,166.

Interestingly, this is the highest average rent recorded since October 2023, when the figure stood at £1,190 per month.

This uptick suggests that rents might be on the verge of their typical summer ascent.

The most significant month-on-month change was observed in the West Midlands, with rents climbing by 4%; closely followed by the North West, which saw a 2% rise.

Year-on-year, May's average rents surged by 6.4% – a pattern that has remained consistent with the year-on-year rent increases observed throughout 2024 thus far.

Comparing to May 2023, the cost of renting a property in England has gone up by £70.

Meanwhile, void periods across England lengthened during May, averaging 21 days. This marks an increase of two days from April's average of 19 days.

The average void period – the duration a property remains vacant between tenancies – was 11% higher than the same period last year, indicating a slight easing of the supply-demand imbalance.

A year ago, in May 2023, the average void period was 19 days.

During May, the most significant changes in void periods were noted in Greater London and the East Midlands, with both regions experiencing a 20% increase in void lengths.

William Reeve, CEO of Goodlord, remarked, “This month’s data may well have signalled the starting gun on summer price escalations."

“The coming months are traditionally the busiest season for the rental market and the time when rents peak.

“Throughout 2024 so far, year-on-year rent rises have been fairly consistent – hovering around the 6% to 7% mark.

“Rental averages broke the £1,350 per month barrier for the first time in the summer of 2023.

“That means, if this 6% to 7% year-on-year trend continues, we could be seeing our first £1,400+ rental average being recorded in just a few months' time.

“However, while rents continue to outpace both inflation and earnings, there are some signs of pressures easing, as seen in the void figures.”