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Rental market update amid coronavirus pandemic

Rents have unsurprisingly dropped over the past month, while the dip in void periods has fluctuated across the UK, the latest figures show.

As lockdown continues to have an adverse impact on the letting market, the latest Goodlord Rental Index shows that void periods dropped across five out of eight UK regions monitored during April. 

Overall, the volumes of new and completed tenancies dropped rapidly in the run-up to Easter before rebounding and finding equilibrium towards the end of the month, according to the data. 

Rents dipped across the majority of regions monitored by Goodlord during April, with the average rental costs for the UK as a whole falling by 2%, from £878 to £861 per property, per month. 

Wales and the West Midlands saw the biggest drop in rental costs, with both regions recording decreases of 6%. The North East saw a 4% dip, followed by a 2% reduction in average rents for Greater London and the North West.

Prices in the South West held steady. But it was a more positive picture in the South East and the East Midlands, which both recorded a 1% rise in average rental costs. 

As far as void periods are concerned, marginal increases were recorded in the North West (three days), South East (two days), and the South West (five days), but they dropped by two days in East Midlands, Greater London and the North East. 

But marginal increases were recorded in the North West (three days), South East (two days), and the South West (five days).

Tom Mundy, COO at Goodlord, said: “Everyone in the industry is doing what they can to cope with an unprecedented set of challenges. 

“With restrictions on movement continuing, it’s no surprise that market activity is significantly down year-on-year, and that rents and void periods are fluctuating across the regions. 

But there is some comfort to be taken based on Goodlord’s letting activity tracker, which shows a new level of consistency in market demand over the past week, according to Mundy. 

He added: “Whilst a halving of activity year-on-year remains a crippling statistic for the industry, we also believe a huge amount of pent up demand will be released once lockdown lifts. 

“Agents who are able to plan ahead for this, and can ensure their strategies adapt to the new normal of social distancing, will be in a strong position to capitalise on that surge.”

Poll: Do you agree that a 'huge amount of pent up demand will be released once lockdown lifts'?

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    Nope sorry they are going up!

    If you have to rent now only applicants are enquiring are those that think social distancing rules don’t apply to them. Guess what they have no job no deposit live in the worst areas AND they think they are in a buyers market!!! They have tried offering half rent- lol
    Wait a few weeks and you will be able to cherry pick the best. People will be on the move

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