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Welcome to April's Goodlord Rental Index.
Every month, Goodlord reveals key figures for the private rented sector based on tenancies processed through our platform, including average rents, voidage periods and more.
Rents in England rose again during April according to the latest Goodlord Rental Index, continuing a buoyant streak for the market. This was matched by another rise in tenant incomes - with the month setting a new record for take home pay. Voids, however, rose slightly during the months, as the pace of deals cooled in some regions.
Toby Burgess-Smith
Data Analyst, Goodlord
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1. Average monthly rent
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.
Average monthly rent across UK regions since January 2020.
2. Average void periods
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 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.
Average void periods in days across UK regions since January 2020.
3. Average tenant income
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% increase. 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.
Average tenant salary across UK regions since January 2020.
