The true cost of rent continues to undercut advertised prices, a new analysis shows.

Goodlord compared the advertised rental averages published on Rightmove with the confirmed rental prices monitored by Goodlord itself.

This has shown that average confirmed cost per property during the last quarter of 2024 could be up to 20% cheaper than advertised costs for tenants outside of London, and 24% cheaper for tenants renting in London.

According to Rightmove, advertised prices in Q4 2024 were £1,341 per month outside of London and £2,695 in London. 

According to Goodlord’s tracker, the confirmed price of tenancies signed in Q4 2024 was £1,070 per month outside of London and £2,046 in London, on average. 

These prices are 20% and 24% lower respectively. 

The findings provide an indication that landlords may be advertising properties at higher rates which tenants are then successfully negotiating down. 

On a month-on-month basis, rents across England rose from £1,185 in December to £1,207 in January – an increase of almost 2%. 

This is the fifth consecutive year when rents have risen between December and January.

The highest rents continue to be found in London, where average confirmed prices now sit at £2,044 per month – up 3% since December. 

The lowest prices can be found in the North East, with monthly costs sitting at £911 on average, up 5% month-on-month. 

The only region to record a reduction in rents during January was the South East, which saw a marginal -0.6% reduction in average costs. 

Despite the increase in rents, voids lengthened in January – going from 21 days in December to 24 days in January. Goodlord says this points to a softening of demand in the market. 

Voids are typically their longest in January, when the market is quiet. However, this is the longest average void period recorded by the Index since April 2021 – making this the highest period for voids in almost 4 years. 

The biggest increase in voids was recorded in the West Midlands, where averages lengthened from 18 days to 23 – a rise of 28%. 

The only region to not record a rise in voids was the South East, which held steady at 22 days. Conversely, this was also the only region to record a reduction in average rents. 

Despite the increase in rents, voids lengthened in January – going from 21 days in December to 24 days in January. This points to a softening of demand in the market. 

Voids are typically their longest in January, when the market is quiet. However, this is the longest average void period recorded by the Index since April 2021 – making this the highest period for voids in almost 4 years. 

The biggest increase in voids was recorded in the West Midlands, where averages lengthened from 18 days to 23 – a rise of 28%. 

The only region to not record a rise in voids was the South East, which held steady at 22 days. Conversely, this was also the only region to record a reduction in average rents.