The latest Rental Index from Goodlord has revealed that the cost of rent in March 2024 was 28% higher than in March 2020.

Month-on-month, the average price for a rental property held firm during March and voids remained unmoved, as demand from tenants stayed strong.

Rents in March were 6.4% higher than they were the same time last year, as the pressures on the rental market continue to put the squeeze on tenants. But the true impact of rental rises can be seen when comparing the last four years of Goodlord Rental Index figures.

In March 2020, just as the country was plunged into lockdown, tenants were paying £909 per property. This average now stands at £1,160 across England and represents a rise of 28%.

The increase in rents began to escalate in 2022, when rents rose 10% year-on-year. Whilst the pace of increases has since slowed, rents continue to rise.

After a higher than expected rise in February, rents barely moved over the last month. The average rent for a property in England in March 2024 is £1,160, compared to £1,162 in February – a decrease of just £2 (or -0.2%).