Tenants see salary boost

Tenants see salary boost

In good news for tenants, the average salary of renters signing tenancies in October rose by 1.7% - from £37,350 to £37,997 according to The Goodlord Rental Index. Year-on-year, this means salaries have risen by 5.15% - a figure which outstrips year-on-year rent rises for the second month in a row.The report shows that in October England’s rental market experienced a noticeable slowdown, with monthly rents dropping by more than 12% and yearly increases reaching their lowest annual point.

Additionally, void periods were extended, further indicating a substantial easing of the intense market pressures seen between July and September. Compared to the 7%+ year-on-year rent rises recorded on several occasions throughout 2024, October saw rents rise by just 4% compared to the same time last year. October saw average rent for a property in England was £1,238, compared to £1,190 in October 2023. As the scramble for properties cooled, the impact was also seen on void periods (the length of time a property sits vacant between tenancies). Average void periods lengthened from 15 days in September to 19 days in October - an increase of 27%.

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Arins Property Services - selling & letting homes in, Lower Earley, Shinfield, Tilehurst, Winnersh, Reading and Wokingham since 2009.

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