The cost of rent hit an eight-month high in May, while the average void period held steady between April and May, according to the latest figures from the Goodlord Rental Index.

The average cost of rent in England reached £1,020 per property in May, up 0.83% compared to April, which surpasses the averages recorded for the previous eight months. 

The last time prices rose above £1,020 was September 2021 when rent averages hit £1,104. 

Data showed that the cost of rent has now risen by 11% on an annual basis.  

The biggest change in the cost of rent during May was seen in the East Midlands, where prices rose by 2% per property (up to £867 per month). 

The only region to see a dip in the cost of rent was the North East, where costs dropped by 2.7% to £728 over the last month.

Rental prices in Greater London remain the most costly coming in at an average of £1,723 in May, representing a 13% increase year-on-year. 

The North East represents the cheapest rental region at £728 per property, although it is still 11% higher compared to this time last year. 

Elsewhere, the data found that the average void period held steady between April and May with the average voidage for a property in England in May remaining at 19 days. 

At a regional level, however, the East Midlands, North East, and West Midlands all saw a reduction in voids of between 9% to 10%. 

However, Greater London, the North West, South East and South West all saw voids rise. 

The greatest increase was in the North West, where voids jumped from 17 days to 22 days, equating to an increase of 29%. 

After five months of consistently rising averages for tenant take-home pay, May saw a slight dip in average salaries, decreasing 2.7% from £30,044 in April to £29,247 in May.

Average incomes are highest for tenants in London at £42,955 per year, while the North East were lowest at an average of £24,350 per year. 

Goodlord chief operating officer Tom Mundy says: “With the squeeze on available stock, we’re not surprised to see rents continuing to climb as we head into summer. Void periods have started to fluctuate that bit more, which offers an early indication that the market is beginning to settle down following a long run of consistently high demand.”

“The message to agents and landlords, however, remains very much the same; there is a huge consumer appetite for good quality rental homes and this shows no sign of abating,” Mundy adds.