According to the latest rental index from Goodlord, average rental costs are now well above the 12-month rolling average, voids are at their lowest level since August 2019, and tenant salaries are at their highest in rental index history.
July saw average void periods drop across almost every region in England, with significant shifts recorded in some areas.
The biggest change was seen in the North East, where voids dropped 46%, from 13 days in June to just 7 days in July.
The West Midlands region saw a 20% drop in void averages – recording a reduction from 23 days in June to 18 days in July.
Greater London, the North West, and the South East also saw falls. The East Midlands held steady at 18 days, with no change recorded.
The South West was the only region to record an increase – from eight days in June to nine days in July. However, this is still significantly down on May’s average for the region, which stood at 18 days.
The overall average for void periods in England in July stood at 14 days. This is the lowest average recorded by the Rental Index for 23 months.
During July, the average cost of rent in England soared by 10%. Prices increased from June’s average of £960.62 per month to a new high of £1,060.50.
Tom Mundy, COO of Goodlord, said: “We’ve seen some incredible numbers come out of the sector over recent months, but July has set a new benchmark for industry strength. It’s clearly been an incredibly busy few weeks for the market, with the data pointing to void and rental cost averages not seen for almost two years.
“Likewise, tenants are earning higher salaries, which is contributing to this ongoing demand for rental space. August is typically a hugely busy month for the sector. This means landlords and agents should be prepared to capitalise on demand and ensure that they have the systems in place to handle this next phase of the lettings boom.”