Rents Rise for Fifth Consecutive Month as BTL Market Remains Stable –

Demand in the buy-to-let market is stable, with rents increasing slightly in May and vacancies remaining stable, according to the latest rental index data.

These figures have seen rents rise in six of the eight English regions tracked by Goodlord. The average rent per property is now £1,111, up from £1,103 in April, an increase of 1%. This is the fifth consecutive monthly increase, with rents now at their highest level since September 2022.

The biggest price change in May was in the South West, where rents rose nearly 3% from £1,062 to £1,092.

Only two regions recorded a decrease in the cost of rent, albeit negligible. The East Midlands saw rents fall by 0.47% and they fell by 0.19% in the North East.

Vacancies held steady in May, with the average homeowner in England seeing their property empty for 19 days. This is the same figure as that recorded in April.

The highest voids are now in the West Midlands, where the average is 23 days. London retains the title of lowest vacuum periods, currently at 12 days.

In May, East Midlands, North West and South West all saw void lengths drop by more than 9%.

Goodlord Insurance Director Oli Sherlock says: “As we head into the traditionally busiest months of the rental calendar, it remains to be seen whether we will achieve the same high rental prices recorded last summer. But the data indicates that the continued rise in prices continues, and with vacuums also holding, the market is definitely poised to heat up as we head into June. »