The cost of renting in England continues to soar as May marks the fifth consecutive month of rent increases, as revealed by PropTech firm Goodlord.
With summer on the horizon, a traditionally bustling time for the rental market, the steady number of voids suggests that demand remains robust.
Goodlord’s latest report highlights that six out of eight regions experienced a surge in rents throughout May. The average rental price per property in England now stands at an impressive £1,111, marking a solid one percent surge from April’s £1,103.
These continuous rental spikes demonstrate an ongoing trend, with prices reaching their highest levels since September 2022.
Notably, the South West witnessed the most significant leap in rental prices during May, skyrocketing by nearly three percent from £1,062 to an impressive £1,092.
While the rental market remains largely buoyant, it’s worth mentioning that only two regions experienced marginal declines in rental costs. The East Midlands saw a slight decrease of 0.47 percent, while the North East experienced a modest dip of 0.19 percent.
As the rental landscape continues to heat up, tenants across the nation are bracing themselves for higher accommodation expenses.