The increasingly strong rental market is set to last throughout summer and beyond according to the latest analysis by PropTech platform Goodlord.
The new market snapshot shows that voids dropped in seven of the eight regions monitored by Goodlord during May, reducing the average void period in England by a sizeable 15 per cent overall.
The West Midlands saw the biggest shift, with voids reducing from 27 days to just 18 days - a reduction of a third. This was followed by an 18 per cent drop in the South West, 15 per cent in Greater London and 13 per cent in the East Midlands.
The only region to record an increase in void periods was the North East.
The market is now one year on from the initial lifting of the 2020 lockdown restrictions and Goodlord hypothesises that the current buoyancy may be attributed to renewals or new tenancies being processed 12 months on from the huge surge in activity recorded between May and July 2020.
Meanwhile the average rent in England is largely unchanged from £920 in April to £919 in May.
The North West, North East and South West all recorded modest rises while the East Midlands, Greater London, the South East, and the West Midlands saw prices dip slightly.
Overall, no region saw a rise or fall greater than four per cent during May.
Uniquely, Goodlord also measures the average income for tenants as an indicator of the market.
Perhaps surprisingly, over the last six months average income for renters in England has risen by 8.2 per cent. After dipping at the end of 2020 and in the early months of 2021, incomes have built back steadily as the economy opened up once more.
Renters in London and the North East have seen a 10 per cent increase in their take home pay over the last six months, and the West Midlands a healthy 14 per cent rise.
“We’re on track for a bumper summer of lettings. Whilst many agents have been busy with sales, the lettings market has been quietly gathering steam and now looks set to make things very busy for the rest of the summer” according to Tom Mundy, chief operating officer of Goodlord.
“This time of year is always a busy period but the combination of increased consumer confidence, pent up demand, and what looks like a more normal year ahead for student housing, is on track to deliver a hugely successful season for the lettings market.
“Agents and landlords should make sure they’re prepared for this demand and ready to capitalise on it.”