Dramatic rise in typical tenant’s income

A lettings market snapshot prepared each month by PropTech firm Goodlord claims there has been a dramatic rise in the typical tenant’s income.

Goodlord puts this down to pressure on employers in a competitive labour market.

In April, the average annual salary of a tenant living in England rose from £29,549 to £30,044 - a 1.7 per cent hike - pushing the total to the highest figure recorded to date by there PropTech firm.

Unsurprisingly, renters in London earn the most taking home £44,920.38 on average. In comparison, those in North West (which was the only region to see a rental cost decline in the past month) earn the least - £24,403.69 on average.

Year on year, renters are now earning 16 per cent more than they did at the same time in 2021.

Meanwhile rents have again risen during the past month.

During April, the average cost of rent for a property in England rose from £1,006 to £1,012 - a modest 0.5 per cent increase.

All regions monitored saw an increase in prices of up to 1.0 per cent, apart from those in the North of England. The North West was the only region to see a drop in the average; recording a 1.6 per cent decrease.

It was a less dramatic month for void periods in England, with increases recorded in every region monitored. The average void period for the country in April increased by three days, up from 16 days to 19.

The biggest shift was seen in the North West where the rise was from 16 days to 22. This was followed by Greater London, which saw voids increase from 11 days to 14 - London, however, still has the lowest void periods in the country.

Goodlord chief operating officer Tom Mundy says: “The rental market continues to move apace. Rents are at the top end of what we’d expect for this time of year, but tenant salaries are keeping pace with this rise and continue to break records.

“And whilst voids have lengthened compared to March, all the signs point to a very buoyant market with a high demand for available housing stock.”

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Robert Brown
04 May 2022 19:40 PM

For most employers, working from home isn't the problem. It's those who are paid for NOT working from home that's the problem, and it's mainly a public sector problem (so what's new?).

How come there is such a backlog in issuing new passports, vehicle and driving licences? Could it have something to do with the vast number of public sector employees ( I won't call them workers) who are STILL "working" from home?

I was delighted to hear that one international company has just offered every employee the right to work from home, but at 80% of the full time salary, and BTW don't expect promotion any time soon! THAT'S the way to do it!

TheMaluka
05 May 2022 17:13 PM

Robert, as a retired government employee I take exception to being included by implication as one who did not work either from home or in the office. In fact the myth that all government employees sit around doing nothing is entirely false.

Robert Brown
07 May 2022 21:32 PM

David

I didn't say ALL Government employees were lazy etc. My wife worked very hard as a teacher for over 30 years before retiring on a magnificent pension, well deserved.

However the backlogs in passports, licences, court hearings, public assets maintenance etc speak for themselves.

Glasgow City Council stopped looking after the gardens of disabled private residets because it wasn't safe for a single gardener to work outside during Covid!

Private sector employees wouldn't get away with the self isolation etc. excuses which many public sector employees (including some of my wife's former colleagues) have pulled over the last two years.