Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Rents Rise 5% as Landlord Voids Lengthen to 28 Days
UK rents rose by 5% over the year in October, even as landlords faced longer gaps between tenancies, according to research reported by Property118. Goodlord's latest Rent Index puts the average void period at 28 days in October, up from 20 days in September — an extra eight days between tenancies.
Annual rent growth held at 5% for the second consecutive month, the research reveals. Monthly increases slowed, with rents reported to have eased on a month-by-month basis.
Headline rental growth remains steady year on year, but the time taken to re-let a property has stretched. For letting agents, a void period of 28 days represents a full month without rental income on a property, and the jump from 20 days in September marks a notable month-on-month change in re-letting speed.
For inventory clerks, longer void periods can mean more properties sitting empty between tenancies — a period in which check-out and check-in activity, mid-term inspections, and any remedial works between lets typically fall. The data does not indicate why voids lengthened, and the source report does not attribute the change to any specific cause.
The 5% annual figure is a measure of rent growth over the year, not a monthly change. The source reports that monthly increases slowed, but does not give a specific monthly percentage.
The Rent Index is published by Goodlord. The figures cited here — a 28-day average void period in October, up from 20 days in September, and annual rent growth of 5% for a second consecutive month — are as reported by Property118.
Source: Property118