Average rents in England and Wales down 1.7% in May

Average rents in England and Wales fell by 1.7% month on month in May to £901 but they increased in four regions, according to the latest index.

The highest monthly rent in May was in London at £1,643 in May, followed by the South East at £1,044 while the lowest average rent in May was the North East at £634, according to the Goodlord rental index.

The North East and West Midlands were the most affordable regions for renters in May and the biggest drop since the start of 2019 was in the North West, down from a peak of £815 per month in January to a current low of £711 in May, a decline of 12.8%.

The West Midlands has seen rents increase by 7.8% in the first five months of the year to a new high of £720, followed by the South East up by 6.1%.

The average rent in the East Midlands is now £805 per month, in the North East £634, in the North West £711, in the South West £896, in the West Midlands £756 and in Wales £756.

The data also shows that the average voidage period across all regions was 20 days in May. It’s taking a week longer to fill properties in the North East, which has the longest average void period at 28 days, followed by the North West at 25 days. The shortest void period was for properties in the South West at 15 days.

Fixed term tenancies average just under a year nationally, at 11 months, with the longest average terms in London at 14 months, followed by the South East at 12 months. The North West and West Midlands have the shortest fixed term tenancies at nine months.

The North East and West Midlands were the most affordable regions in May, with an average property affordability of 4.1 each. Affordability is defined as a tenant’s yearly income divided by their yearly rent share. The least affordable region for renters is London, at 3.4.