The index states that the average rent for confirmed tenancies on the Goodlord platform in June was £1225, 6.7% higher than last year’s figure of £1149.
June is generally seen as the beginning of the “high season” for the rental market, as rents typically peak between June and September. One reason for this is that the market is buoyed by student demand during summer. Every year since 2019, the Goodlord Rental Index has recorded a rise in rental prices between June and July, which means another solid increase is expected next month.
William Reeve, CEO of Goodlord, says: “There is a lot of discussion as to whether the pace of rental price rises is starting to slow. The next three months – which typically bring the annual peak in rents – will settle this debate. Right now, if this year’s current trajectory of consistent 6-7% year-on-year rent rises continues, we’ll see new records broken across England. And whilst a lot of the current signs indicate that this might be on the cards, we would need to see a very sizable jump in rents over the next 4-8 weeks to surpass 2023 averages.
However, it’s safe to say that market demand clearly remains very strong and that this continues to push rents up month-on-month.”
