Have you been wondering what’s going on in the rental market? We’ve got July’s stats from the goodlord.co which show that things are very positive for landlords right now!
Rent is on the Up!
According to goodlord.co throughout July 2023, the average cost of rent in England was £1,367 per property! This is the highest rent average that has been recorded by the renter’s index and is an incredible 9.4% higher than the record set in September last year of £1,249!
The average cost of rent in July was 19% higher than June’s average of £1,148 per property which is vastly higher than 2023’s average month-on-month rent increase of 1.3%.
At Rush, Witt & Wilson, we think that more expensive and much larger properties have been added to the mix which has led to a huge rent increase. Judging by the time frame and statistics, it’s likely large student groups were letting properties before the new academic year.
Void Periods Hit Record Low!
The void period of July 2023 is the lowest ever recorded on the goodlord.co Index! Voids dropped by 44% to an average of 9 days – a day less than the previous record set in July 2022.
Areas seeing the lowest voids were the North East and South West with an average 6 day void periods! The West Midlands saw the highest voids at 14 days, which was still a 22% decrease in comparison to void periods in that area throughout June.
What Happens Next?
It’s likely we’ll continue to see rent increase throughout August and September, but once autumn begins, we can expect rental costs to cool off slightly as the new academic year starts.
If you’re interested in renting out your property, don’t hesitate to get in touch with our Letting’s office today!
