Rental voids dropped by a quarter in February while rents rose by an average of 1.17%.
The latest Rental Index from Goodlord indicates renewed rental market momentum, after the traditionally quieter months of December and January.
There was a significant reduction in the average void period for a rental property in England during February. The England average dropped by 26% – from 23 to 17 days – highlighted strong demand amongst tenants.
The biggest change came in the North West, where voids went from 27 days in January to just 18 days in February – a drop of 33%.
The East Midlands also recorded a decrease with void periods in the region going from 29 days to just 20, a 31% reduction.
The West Midlands saw voids reduce by 25% from 23 to 17 days.
The new average void period for England of 17 days is the lowest since September 2022, when void averages hit 15 days.
At the same time, rents across most parts of England rose during last month, taking the average cost of a rental home to £1,089.04, a rise of 1% on January’s figures. It takes February’s figures to be the highest rental averages recorded since October 2022.
In the West Midlands the increase was 1.6% from £879 in January to £893 in February and in the East Midlands the rise was 1.78% from £924 in January to £940 in February.
Sheldon Bosley Knight’s business development manager Nik Kyriacou said: “This is a good news story for landlords – rents are high, voids low and there is still very high demand with the ability to find tenants quickly.
“However, we can’t ignore the fact the lack of available housing stock has been the key issue affecting the private rented sector for some time. Until the powers that be get to grips with that, rents will inevitably rise further and this will ultimately make the situation unsustainable for both landlords and tenants.”