Average Rent at its Highest Level as the Rental Market Rebounds
The average rental in England reached its highest level YTD at £1,104 per month and 6.94% higher than September 2020 as the market strongly rebounds.
The data for September released by Goodlord showed that the average monthly rent has reached a YTD high with rental voids lower than the average annual rate, with the rental market being much stronger than the same period last year, which is very encouraging.
Strong North West Rental Market
The North West rental market experienced significant growth with the average rental cost increasing by 11% from £807 to £901 per calendar month.
London’s rental market is showing signs of post pandemic recovery with growth of 2.5% with the average rent increasing to £1,770 from £1,725.
Average rents in the South East, South West, North East and East Midlands experienced a decrease in rents, from 1% to 5%.
Rental Voids Remain Low
The average rental void in England is now only 17-days, much lower than the average annual rate and 10.5% lower year-on-year.
The highest level of void periods have been seen in the North East of England, with a 37.5% increase in the average void period, increasing from 8-days in August to 11-days in September, but this is still pretty low.
Voids in the Greater London area decreased from 13-days to 12-days.
Changing Tenant Profile
The profile of the average tenant has noticeably changed.
The average age of a tenant has increase from 32 years old to 34 and the average salary increased by 5.9% from £25,264 to £26,764.
This could be attributed to the Stop Gap Renter Market where house sellers have moved in to rented accommodation after selling their home at a good price, but haven’t found an onward property to buy, or, are simply trying out a new area before committing to a purchase. To read more about Stop Gap Renters, please click here.
Buy-to-Let Property Investment in Areas of High Rental Growth
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