Average rents and tenant salaries in England rose again in April, as the lettings market stayed buoyant, according to Goodlord's latest Rental Index.
Rents in England rose again during April according to the latest Goodlord Rental Index, continuing a buoyant streak for the market. This was matched by another rise in tenant incomes - with the month setting a new record for take home pay. Voids, however, rose slightly during the months, as the pace of deals cooled in some regions.
Rents rise again in April
During April, the average cost of rent for a property in England rose from £1,006 to £1,012 - a modest 0.5% increase.
All regions monitored saw an increase in prices of up to 1%, apart from in the Northern regions.
The North East saw a larger increase in the cost of rent - with prices up by 2.34%. The North West, however, was the only region to see a drop in the average; recording a 1.6% decrease.
Tenant incomes continue to hit new records
As prices creep up, so do salaries - reflecting the pressure on employers in a competitive labour market.
In April, the average annual salary of a tenant living in England rose from £29,549 to £30,044 - a 1.7% increase. This means the current average is yet another Index record - the highest figure recorded to date.
Unsurprisingly, renters in London earn the most - taking home £44,920.38 on average. In comparison, those in North West (the only region to see a rental cost decline this month) earn the least - £24,403.69 on average.
Year on year, renters are now earning 16% more than they did at the same time in 2021.
Voids inch up despite busy market
It was a less dramatic month for void periods in England, with increases recorded in every region monitored. The average void period for the country in April increased by 3 days - up from 16 days to 19.
The biggest shift was seen in the North West - where a rise of 37% was recorded (up from 16 days to 22). This was followed by Greater London, which saw voids increase from 11 days to 14 (a 27% rise). London, however, still has the lowest void periods in the country.
Tom Mundy, Goodlord COO, comments:
“The rental market continues to move apace. Rents are at the top end of what we’d expect for this time of year, but tenant salaries are keeping pace with this rise and continue to break records.
"And whilst voids have lengthened compared to March, all the signs point to a very buoyant market with a high demand for available housing stock.”
Free landlord newsletter templates
You can now send the latest Goodlord Rental Index data straight to your landlords using Goodlord's free email newsletter templates.
The templates include the average monthly rent, void periods, and age and income of tenants in England, as well as the latest legislation news.
Goodlord customers can customise their templates using their agency's own data through their Agent Hub. The free email templates are available now.
