Rents rose by 20% in July across England, bringing the average price to £1,470, Goodlord’s Rental Index has revealed.
They soared by over 40% in the North West and South West, as well as 20% in the East Midlands and North East.
The smallest changes were seen in Greater London (5%) and the West Midlands (3%).
William Reeve, chief executive of Goodlord, said: “These July figures show another remarkable increase in rents.
“We’ve become used to seeing steady year-on-year increases since 2020, but there were indications that the striking numbers set last summer might start to level off.
“This argument has been dramatically disproven. July’s figures have smashed rental price records and set a new baseline for the market’s busiest months.”
This strong monthly increase brings the annual cost of renting property to 7.5% year-on-year.
Void periods, the average time a property sits vacant between lettings, shortened from 17 days in June to just 11 days in July across England, a reduction of 35%.
The shortest voids can now be found in the North West at just five days, down from 17, and the South West at just seven days, down from 11.
It now costs an average of £1,905 to rent in the South West, as well as £1,451 in the North West, the second and third most expensive regions after London (£2,103).