Stefan’s Market Insights: void periods hit all-time low

2nd August 2023

The local rental landscape has witnessed a significant decline in void periods, dropping by an impressive 44% over the last month. The average void duration for July now stands at a mere nine days, down from the 16-day span observed in June. This noteworthy reduction marks a historic low in void rates according to data compiled by Goodlord, which has been tracking the lettings market index since the mid-2010s. The previous record, set in July 2022, was 10 days.

Looking at the stats, the North East and the South West regions have taken the lead in this trend, reporting astonishingly short void periods of just six days on average. This considerable reduction translates to a remarkable 60% drop in void durations for the North East and a notable 45% decrease for the South West, as compared to the void figures recorded in June.
Conversely, the West Midlands observed the highest void durations, averaging at 14 days. Nonetheless, this region experienced a notable 22% reduction in void periods compared to June, indicating a positive shift in the local rental landscape.

Length of void period between tenancies
Region June 2023 July 2023 Month on Month % change
East Midlands 23 12 -47.8%
Greater London 14 11 -21.4%
North East 15 6 -60.0%
North West 17 7 -58.8%
South East 16 10 -37.5%
South West 11 6 -45.5%
West Midlands 18 14 -22.2%
England average 16 9 -43.8%

The data underscores a dynamic shift in the rental landscape, suggesting a more resilient and agile market responding to changing circumstances. Additionally, ongoing changes in lifestyle and work dynamics could be influencing tenant mobility, minimizing the time between tenancies.

Capitalizing on this trend could greatly benefit you as a landlord. With void periods dropping by an impressive rate, now is the ideal time to reassess your rental strategies. By staying proactive and considering factors contributing to this positive change, you can optimize your property’s occupancy rate and maximize your rental income. Don’t miss out on this opportunity and take action today to make the most of the evolving rental landscape. Give me a call today using my contact details below to find out more of how Coapt can optimize your portfolio.

Stefan Grott
Business Development Manager
01273 645797 Extension: 2033