Rents increased in February for only the second time in the last six years as the market continues to run hot.

Goodlord reports that the average rental cost of a property in England - £1,162 - remains 7% higher than at the same time in 2023 because rents have steadily been increasing following the traditional Christmas dip. Rent rises between January and February are uncommon, it says, and have dipped during February in four out of the last six years.

The biggest increase in rents was seen in the South West, where year-on-year prices have risen by 11%. This was followed by the North East, which has seen a 7.5% rise in rents.

Rents

Although overall rents rose across England by 1% in February, rents in the West Midlands dipped by 2% and Greater London also saw a decrease, with rents down 1%.

Goodlord CEO William Reeve (pictured) says a rise last month is indicative of the ongoing squeeze on the market and a lack of available stock - something that’s further evidenced by the shortening of voids across England.

Void periods also shortened during February, further highlighting the ongoing demand for rental properties across England. Average voids shortened from 22 days to 18 days – an 18% drop.

“Right now, the market is delivering fairly consistent year-on-year stats when it comes to rent rises and we continue to hover around the 7% mark,” adds Reeve.

“All eyes will be on whether this starts to reduce as we come into the summer following last year’s record-breaking numbers, or if new records will be set.”