10 January 2024 , 10:49
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January is the cheapest month to bag a new rental property - so you may want to consider moving now rather than later.
According to an analysis of the average rental prices over the last four years from 2020 to 2023, tenants moving in January were found to be paying much less a month on rent giving them potential savings of up to 9% - or £1,300 a year.
The analysis, conducted by Goodlord, showed that the lowest rents can be found immediately after Christmas, in January and February. The highest costs are typically found in late summer and early autumn, as an influx of student lets pushes up prices, particularly in big cities.
In 2023, the average cost of a rental property in England was £1,185 per month. However, tenants who moved into their new homes in January of 2023 were paying just £1,076 per property, per month, on average - 9% lower than annual averages. This would have saved January movers £1,308 over the course of the year.
In 2022, a January move saved tenants nearly 4% on rent - with those tenants paying £993 per property compared to the annual average of £1,033. Which is a saving of £480 per year. The biggest savings were seen in 2021 when January renters paid out £907 for a new property - 7% cheaper than the annual average of £979. This would have saved renters £900 per property, per year.
London flat for rent for £1,400 a month with bed tucked away in kitchen cupboard
Over the last two years, private rental costs have skyrocketed and according to recent data from the Office of National Statistics (ONS) renting costs from private landlords are rising at the fastest rate since records began in 2006. In the last year between 2022 and 2023, average rents in England have risen by nearly 10%.
GoodLord said that with rental prices rapidly rising year-on-year, those moving early in the calendar stand to save compared to those renewing or finding new tenancies in the summer or autumn.
Former lettings agent and director at Goodlord, Oli Sherlock said: "Despite the big rise in rents we’ve seen over recent years, prices do continue to follow seasonal trends and fluctuate throughout the year, in line with demand. Rents are traditionally at their highest in the late summer months, so if you’re willing and able to move during the winter, you may stand to make a saving.
"The flipside of this can be a lower volume of properties coming onto the market in January, as the industry cranks back into gear post-Christmas. This could mean tenants struggling to find the right property at the right time to capitalise on cheaper than average rents.”
Rental savings by moving in January
2020
- Average price: £937
- January price: £903
- Savings over a year: £406
2021
2022
2023