Rents across England have broken through the £1,400 barrier for the third month in a row, according to the latest Goodroad Rental Index.
The average price for a rental property in September was £1,417, slightly down on August's £1,438, but still up more than 5% year-on-year. 
As Good Road shows, 2024 rents continue to rise year-on-year, with September prices increasing by 5.3%. The average cost of a new build rental property in England was £1,417 in September, an increase of more than £70 per month compared to September 2023.
Despite the large increase, this year-over-year figure is slightly lower than the average seen throughout previous years.
In recent months, the index has regularly posted annual gains of more than 7%. Goodlord said September's relatively modest 5.3% figure could be the first sign in recent months that prices are starting to soften.
However, this number varies widely by region, with some regions still seeing much higher than average year-over-year rent growth. In the South West, for example, average rents are up 11% compared to September 2023.
The smallest year-on-year increases were in the North West and West Midlands, with rents in each of these regions increasing by 2-3% year-on-year.
Month-over-month rents remained stable in September as demand from tenants continued to exceed supply.
On average, month-on-month prices have fallen slightly (down 1.5%, or £21 per month). This trend was also seen last September. But rents have remained above a record £1,400 for a third consecutive month, marking the “new normal” for peak season prices.
At a regional level, rents rose slightly in the West Midlands and South East. Average costs also rose significantly in Greater London, with prices in the capital rising from £2,206 to £2,376, a huge rise of almost 8% month-on-month.
The porosity during September was stable for 15 days. This has not changed since August.
The average salary for renters with a tenancy contract fell by 3.6% from July to August, but rose by almost 2% in September. This takes the average salary from £36,719 in August to £37,350 in September.
Tenant salaries in new rental properties are currently increasing by 5.55% year over year. This increase means that the year-over-year increase in tenant salaries (5.55%) exceeds the year-over-year increase in rents (5.3%).
Commenting on the latest data, Goodroad CEO William Reeve said:
“Rents are trending fairly normal for this time of year, and are down a bit compared to August, as is often the case, but they are still very high. But if you read between the lines, you will notice that prices and affordability There are some signs that it may be softening.”
He added: “The year-on-year rent growth numbers were not as drastic as we have seen in recent months, which is good news for tenants on average salaries.” It's too early to tell, but this could be a sign that the “bull market” in rental costs is starting to taper off heading into winter. ”
