Back to the blogs list

Rents rise again in April

Rents rise again in April

Rents in England increased further during April, although this was matched by another rise in tenant incomes – with the month setting a new record for take home pay, the latest Goodlord Rental Index shows.

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.

Region

March 2022

April 2022

Month on month % change Previous Month

East Midlands

£844.97

£847.35

0.28%

Greater London

£1,688.37

£1,702.98

0.87%

North East

£731.94

£749.04

2.34%

North West

£819.84

£806.29

-1.65%

South East

£1,111.47

£1,113.21

0.16%

South West

£1,012.39

£1,020.22

0.77%

West Midlands

838.922

846.781

0.94%

England average

£1,006.85

£1,012.27

0.54%

As prices creep up, so do salaries, according to the data provided.

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.

Region

March 2022

April 2022

Month on Month % change

East Midlands

£27,521.90

£25,669.40

-6.7%

Greater London

£42,425.24

£44,920.38

5.9%

North East

£25,732.26

£27,030.39

5.0%

North West

£24,394.61

£24,403.69

0.0%

South East

£32,258.77

£32,583.48

1.0%

South West

£27,788.20

£28,611.38

3.0%

West Midlands

£26,724.60

£27,089.41

1.4%

England average

£29,549

£30,044

1.7%

According to Goodlord, voids rose slightly during the months, as the pace of deals cooled in some regions.

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 three 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.

March 2022

April 2022

Month on Month % change

East Midlands

19

20

5.3%

Greater London

11

14

27.3%

North East

16

22

37.5%

North West

16

17

6.3%

South East

16

17

6.3%

South West

17

19

11.8%

West Midlands

16

22

37.5%

England average

16

19

18.8%

Tom Mundy, COO 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.”

SOURCE: Property Industry Eye |  MAY 3, 2022 | MARC DA SILVA

769ca4fde5bf6f57fa7c1f5ff225537b.png

Comments


Property search
Rent
Price
Number of Bedrooms
x