Void periods for rental properties hit their lowest for two years
If there’s one thing every landlord hates, it’s lengthy void periods on their rental property. It is therefore fantastic news for all landlords and letting agents that void periods for rental properties have hit their lowest level since August 2019.
This comes as part of the latest Goodlord snapshot of the lettings market. The report showed that in July, the average void period dropped across almost every region in England, reaching an overall average of 14 days – the lowest average recorded by Goodlord since August 2019.
And short void periods aren’t the only thing for landlords to smile about. As void periods dropped to their lowest level in two years, rents rose to their highest levels in the same period of time, with the average cost of rent soaring by 10% in July. Combine this with the fact that London renters migrating from the city are driving up tenant competition, and it is clear to see why many landlords are saying that their ‘heyday’ has finally arrived!
As rents typically peak during July and August in any ‘normal’ year, these figures reflect a market operating at full capacity – but who knows what could happen next in this unpredictable and fast-paced lettings market.
One thing is for sure - now is a great time to be a landlord!
To find out more about what Prospect are doing to keep void periods low and rental prices high, contact us today.