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.

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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.

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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.

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