Tenants see salary boost and rents slow

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, this means salaries have risen by 5.15%, a figure that outstrips year-on-year rent increases for the second month in a row.

The report shows that in October, England’s rental market experienced a noticeable slowdown, with monthly rents dropping by more than 12% and yearly increases reaching their lowest annual point.

Additionally, void periods were extended, further indicating a substantial easing of the intense market pressures seen between July and September. Compared to the 7%+ year-on-year rent rises recorded on several occasions throughout 2024, October saw rents rise by just 4% compared to the same time last year.

The average rent for a property in England in October was £1,238, compared to £1,190 in October 2023. As the scramble for properties cooled, the impact was also seen on void periods (the length of time a property sits vacant between tenancies). Average void periods increased from 15 days in September to 19 days in October – an increase of 27%.

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