Year on year rental increase slows down

According to the Goodlord Rental Index, the average monthly rent for a property in England dropped to £1,205 in November — a £33 decrease from October’s figure of £1,238. This decline reflects a cooling market following a summer of heightened demand.

Year-on-year rent increases also slowed. In October, rents were up 4% compared to the previous year, but that figure fell to just 3% in November. By contrast, rents in August had been tracking 10% higher year-on-year. Despite the recent slowdown, the average rent in November 2024 was £1,205 — an increase of £38 from the £1,167 recorded in November 2023.

As demand continued to ease, the time rental properties remained vacant between tenancies grew. Average void periods extended from 19 days in October to 21 days in November, just one day short of the 2024 peak of 22 days, recorded in January. While this 10% month-on-month increase signals a slower market, it aligns with seasonal patterns. Void periods in November 2023 were only one day shorter (20 days) than this November’s figure.