Here are the key findings from the Goodlord Rental Index for May 2019.
- Average rent increased in four of the eight regions we monitor over the past month in the lead up to the Tenant Fees Act, bringing the average rent nationally to £901 per month. The highest monthly rent continues to be in the Capital, at £1,643 in May, with the next highest in the South East, at £1,044. The region with the lowest average rent in May was the North East, at £634.
- The average voidage period across all regions was 20 days in May. It’s taking a week longer to fill properties in the North East, which has the longest average void period at 28 days, followed by the North West at 25 days. The shortest void period was for properties in the South West, at 15 days.
- Fixed term tenancies are average just under a year nationally, at 11 months, with the longest average terms in the Capital, at 14 months, followed by the South East at 12 months. The North West and West Midlands have the shortest fixed term tenancies, at 9 months.
- The North East and West Midlands were the most affordable regions for renters in May, with an average property affordability of 4.1 each. Affordability is defined as a tenant’s yearly income divided by their yearly rent share. The least affordable region for renters is London, at 3.4.