Rent prices have gone through the roof! According to the latest figures from Goodlord, the average rent across England has jumped 20% in July, hitting a record high of £1,470 per month.

Where are the biggest increases?

The North West and South West are seeing the biggest jumps, with rents soaring over 40% in these regions. The East Midlands and North East also saw significant increases of 20%.

Greater London, although still the most expensive region, saw a more modest increase of 5%, while the West Midlands saw a rise of just 3%.

Why are rents skyrocketing?

This dramatic increase in rent prices is driven by a number of factors, including:

• High demand: There are simply more people wanting to rent than there are available properties.
• Limited supply: The number of new rental properties coming onto the market is not keeping pace with demand.
• Rising cost of living: The increasing cost of everything from energy to food is putting pressure on people’s budgets, making it harder for them to buy their own homes.

What does this mean for landlords?

These figures are fantastic news for landlords! Not only are rents increasing significantly, but properties are also being snapped up faster than ever before. The average time a property sits vacant between lettings (known as the “void period”) has dropped from 17 days in June to just 11 days in July – a massive 35% reduction!

In some regions, the situation is even tighter. In the North West, for example, the average void period is now just five days, while in the South West it’s just seven days.

Where is the best return?

The South West is now the second most expensive region to rent in, with an average rent of £1,905 per month. The North West is close behind, with an average rent of £1,451 per month.

With such strong demand and record-high rent prices, it’s a great time to be a landlord in the UK!