It took a record-low average of just seven days to fill vacant rental properties in our region in August, new figures show.
The North East also experienced an average rent rise of 36% month-on-month, to £897, according to the latest Rental Index from lettings software provider Goodlord. It said the average tenant in the North East region is now around 30 with an income of £19,000 pa.
The news was welcomed by Letters’ Managing Director Anya Mathewson, who said: “The figures reflect our experience that good properties are always in demand, especially from young professional people. The rental market in York is certainly very buoyant and we would be delighted to talk to potential landlords with properties to meet the continuing demand in York.”
Rising demand for high-quality properties
The average ‘void period’ in properties across the UK was also a record low of 11 days in August, says Goodlord, whose figures are based on tenancy agreements executed through its platform for letting agents during the month.
After a downturn in prices averages during July, August saw average rents increase in all but one of the eight regions monitored, taking the average rent throughout the UK to a year-to-date high of £1,031.
“August is always a busy month for the industry and these numbers demonstrate a rising demand for high-quality rental properties across the UK,” said Tom Mundy, COO of Goodlord.
“Void periods were at year-to-date lows across almost every region, something which will be welcomed by landlords and agents alike as the industry finds equilibrium following the tenant fee ban.
“We’ve also seen big jumps in average rental costs throughout a range of regions, demonstrating the release of pent up demand amongst tenants and a slew of higher value properties hitting the market as more home-owners look to the rental market against a backdrop of stagnant property prices.”
If you’re thinking of entering the York rental property market, as a landlord or tenant, please contact us and we’ll be happy to advise.