Rents in England continue to rise in April: Goodlord

Rents in England continued to rise in April as the market remains buoyant, according to the latest Goodlord Rental Index.

The average cost of renting a property in England rose from £1,006 to £1,012 in April, an increase of 0.5%.

The index revealed that all regions experienced price increases of up to 1%, except for the northern regions.

The North East saw a larger increase in rental costs, with prices up 2.34%. The North West, however, was the only region to see a drop in the average, with a drop of 1.6%.

The Goodlord Index also showed there was a further rise in renter incomes, with the month setting a new record high for take home pay.

As prices continue to rise, so do wages, according to Goodlord, reflecting the pressure on employers in a competitive labor market.

In April, the average annual salary of a tenant living in England rose from £29,549 to £30,044, an increase of 1.7%, another index record.

Renters in London earn the most, taking home an average of £44,920.38, compared to the North West which earn the least, taking home an average of £24,403.69.

On an annual basis, tenants now earn 16% more than the same period in 2021.

However, voids increased slightly over the months as the pace of transactions slowed in some areas. The average vacuum period for the country in April increased by three days, from 16 days to 19.

The biggest change was seen in the North West, where a 37% increase was recorded. This was followed by Greater London, which saw empties rise from 11 days to 14, an increase of 27%. The index showed that London still has the lowest vacuum periods in the country.

Goodlord’s Chief Operating Officer, Tom Mundy, said: “The rental market continues to evolve rapidly. Rents are at the higher end of what we expected for this time of year, but tenant wages are following this rise and continuing to set records. And if the voids have lengthened compared to March, all the signs point to a very buoyant market with a strong demand for available housing.