Rents have risen across four regions in June, with the monthly rental average rising by almost 6% in both Wales and the South West. You'll find the full figures in the latest Goodlord Rental Index, available for download now.
It was a different picture in the South East, with average rental costs dropping from £1,044 to £980 - a 6.1% decrease. Price drops were also recorded the East Midlands and West Midlands, along with a 1.3% drop in Greater London.
The monthly rental average for the whole of the UK stood at £907 in June. This is up from the year to date low of £887 (February 2019), but below the £917 national average we saw in January 2019.
The Capital continues to have the highest monthly rents, with an average of £1,621 in June, and an average affordability ratio of 3.3, making it the least affordable region in the country for renters.
Affordability is a tenant’s financial capacity to afford rent. Goodlord defines affordability as a tenant’s guaranteed yearly income divided by their yearly rent share, with 2.5 considered the minimum affordable ratio.
An analysis of tenancies processed through Goodlord’s platform in June found that the North East and West Midlands were the most affordable regions for renters in June, with the affordability ratio in both standing at 4.1. Average rents in the North East were £657 (a 3.6% increase since May) and £719 in the West Midlands (dropping by a fractional 0.1% month on month).
Meanwhile, the South West and Wales had the lowest average void periods in June at just 9 days for both regions. The highest void periods were in the East Midlands, where it took an average of 25 days to fill an empty property in June.