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Rents up, voids down – index charts highs and lows of PRS in 2023

Rents up, voids down - index charts highs and lows of PRS in 2023

Friday 5th January 2024

Average rents in England were nearly 9% higher across 2023 as a whole compared to average rents recorded in 2022, according to the latest Goodlord rental index.

Despite month-on-month rents dropping slightly from November 2023 to December 2023, year-on-year figures show rents "hugely increased" throughout the course of 2023, the digital lettings platform said, with several records broken during the summer.

Alongside these rises, void periods also hit historic lows in the private rented sector (PRS) during 2023.

In 2022, rents averaged £1,086 per property. In 2023, annual averages were £1,182 - an uplift of 8.8% year on year.

The highest rents of 2023 were recorded between July and September. These record-breaking months saw average rental property costs rise over £1,300 for the first time as tenants scrambled to secure properties in the midst of a supply crunch.