Tenants see salary boost

The average salary of renters signing tenancies in October rose by 1.7%, from £37,350 to £37,997, according to The Goodlord Rental Index. Year-on-year, salaries have increased by 5.15%, outpacing year-on-year rent rises for the second consecutive month.

The report highlights a noticeable slowdown in England’s rental market during October. Monthly rents dropped by more than 12%, and annual rent increases reached their lowest point of the year. Average rent for a property in England was £1,238, up from £1,190 in October 2023, marking a modest 4% rise compared to the 7%+ increases seen earlier in 2024.

Void periods — the time a property remains vacant between tenancies — also grew significantly. The average void period rose from 15 days in September to 19 days in October, a 27% increase. This shift reflects a cooling in the intense market pressures observed between July and September.