Rental market sees “Steady September”

The latest Goodlord Rental Index has shown that both rental prices and voids held steady throughout September. Strong demand for rental properties kept rents at nearly 8% higher than prices seen at the same time last year. Despite average rental costs for England as a whole staying at very similar levels to August, London and the South East of England experienced a record-breaking month for rental prices.

The average cost of rent in September barely moved from the August average - coming in at £1,346.28 per property during September. This is just 91p lower than the August average of £1,347.37. However, it was a different picture in Greater London and the South East, with both regions seeing new cost of rent records broken in September. Renters in London are now paying £2,275 per property - an increase of 6% month-on-month and the first time the Index has recorded an average cost above the £2,200 threshold for the capital. Overall, the cost of rent is now 8% higher than the same time last year. 

As rental prices held up in the face of demand, voids also saw minimal movement. Average void periods in England increased by 1 day during September; lengthening from 13 days in August to a new average of 14 days. Unsurprisingly, Greater London - which saw the biggest increase in rental costs - also saw the biggest decrease in voids. Voids were down by 9% in the capital, from 11 days to 10. 

The North East retains the title for shortest void periods, one it has held for 3 months in a row. Voids in the region are currently 9 days. The longest void periods have been recorded in the West Midlands, a title it also holds for the third month in a row, at 22 days.

Source: Goodlord