Rents and incomes rise in April as market stays buoyant

Rents in England rose again during April according to the latest Goodlord Rental Index.

Newcastle in the North East

The North East saw a larger increase in the cost of rent – with prices up by 2.34% to average at £749.04 per month.

The North West was the only region to see a drop in the average; recording a 1.6% decrease to £806.29.

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%. 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.

Tom Mundy, chief operating officeer of Goodlord, said: “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.”

Void periods in England increased in every region , despite the month remaining busy.

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.

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