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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