Residential: Lettings market update May 2022

Good news for North East and Yorkshire landlords!

Fiona Roe, Lettings Manager with youngsRPS, looks at the current state of the lettings market and what this means for both landlords and tenants.

According to data from Rightmove*, rental asking prices outside of London hit a record high, rising by +10.8% per calendar month over the last year.

A 6% increase in property demand merged with a 50% drop in properties available to rent has resulted in the most competitive market ever for tenants.

The North of England

All good news for landlords or those considering letting out their property, and especially so for those landlords in the North East of England where the average yield of 6.2% is one of the highest in the country. The data shows a 10% year on year increase with average rental asking prices reaching £732pcm, a 2% increase on last quarter.

Yorkshire regions show a slightly higher year on year increase of 11.2% to £848pcm and an average yield of 5.7%

What does this mean for tenants?

There is positive news for potential tenants as the number of rental properties available rose nationally by 5% in March compared to January.

The low numbers of rental stock available has resulted in triple the number of tenants applying for properties, meaning that candidates need to ensure they are the most attractive candidate for the property. Fiona has some handy tips over on her 'How to be a good tenant' vlog (+link) that might just help put you in prime position!

Thinking of letting out your property?

If you are considering becoming a landlord or need help managing your rental properties, contact our lettings team for free and practical advice or visit our dedicated landlord information pages.

*Rightmove data published 19th April 2022