Tue 03 Sep 2019
written by naomi baron
Rental Market Sees Void Periods Decrease and Average Rents Increase
A latest letting industry report from Goodlord has found that void periods in the private rented sector dropped to record lows across the UK in August. The average is now at just 11 days. This is in an interesting combination with a national increase in average monthly rental costs. The average monthly rent is now at a year to date high of £1,031.
Michelle Munns, Lettings Branch Manager comments:
August is always busy for our letting teams. We see an ever-increasing demand for high-quality rental housing. It seems that, to a certain extent, this is being met by homes that might previously have gone to the sales team being instead rented out by home owners as they wait for a Brexit outcome.
West Midlands Statistics
- 15 void days average, down from 24 day year to date average;
- Increase of 2% average rent;
- Remain lowest average rent region at £722.
Avoiding a void period in your rental property can be made much easier if you follow a few simple steps. Handily, we wrote a blog all about that, too!