According to new data, landlords in the West Midlands take two weeks longer to find a tenant for their rental properties than those in London.
Voids on rental properties in the West Midlands are the longest in the country, says property fintech firm Goodlord, while those in Wales are the shortest.
The average letting property stands empty for 20.6 days in England and Wales.
The regional list (from longest to shortest) is:
- West Midlands – 29 days
- South West – 26 days
- North West – 23 days
- South East – 22 days
- North East and East Midlands – 18 days each
- London – 15 days
- Wales – 14 days
Average tenancy lengths are the highest in London – averaging at 14 months. However, elsewhere, they average 9.6 months.
Average tenant ages are also almost the same across England and Wales – at 33 years old everywhere except the North West, where they are 30 years old.
Unsurprisingly, tenant incomes are highest in London (£37,000) and the South East (£27,000). The lowest average incomes are in the west Midlands and North East, where they earn £18,000.
“Tenants’ average monthly incomes have increased in five of the eight regions we monitor, with the most significant increase in the South East. Tenants’ average monthly incomes declined in the North West and Wales, with no change in the West Midlands,” said a Goodlord spokesman.
“The East Midlands and North East were the most affordable regions for renters, which is defined as a tenant’s yearly income divided by their yearly rent share. London continues to be the most unaffordable region for renters, followed closely by the South West.” Meanwhile, a separate survey by financial firm Landbay pinpoints the leading UK rental hotspot as Edinburgh, with a yield of 5.97 per cent, followed by Nottingham (4.28 per cent) and Blaenau Gwent (3.76 per cent).