Tenant demand sees average void periods fall

Posted on Friday, December 3, 2021

Demand for rental properties has seen void periods decline over the last month, with some regions in England seeing declines of up to a third.

The Goodlord Rental Index says this is a continuation of the annual trend, with landlords seeing the average void period decrease from 19 days in October to 18 days in November.

This brings void period below their year-to-date average of 19.5 days. The average void period for 2021 to date is 28% lower across England when compared to 2020 figures.

However, while void periods fell in most regions, this index shows there was a slight cooling of rents over the past month, despite strong year-on-year increases.

Figures from Goodlord show that the average monthly rent in England is 8% higher this year when compared to 2020. However, rents slipped 2.5% month-on-month, moving down from £1,006 in October to £980 in November.

The biggest change was seen in the East Midlands, which recorded a 5% fall in average rents. Goodlord says that tenants looking to capitalise on this dip led to this region having the biggest drop in void periods, with the average void falling from 24 to 16 days in November.

There was also a significant decline in void period in rental properties in the North-East — with the average days properties stood empty falling from 20 to 16 days per month.

When it comes to regional rents, most regions in England recorded reductions in the average rental price of between 1% and 3.5%.

The only region to see an increase was the West Midlands, although this was a negligible jump of just 0.15%.

Goodlord chief operating officer Tom Mundy says: “We would expect a slight slow down in December as moving plans get put on hold until after Christmas, so to see the market enjoy such a healthy November is really encouraging.

“Demand remains exceptionally high; something you can see reflected in the void periods, which remain much lower year-on-year.

“And whilst a slight dip in rental costs is being capitalised on by tenants, annual averages remain way up.

“We predict a very busy market in early 2022. There is still huge demand for properties and lots of tenants on the hunt for a new home, so agents should be prepared to cater to that come the New Year.”



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