Average rents in England and Wales down 1.7% in May

Property Wire | June 06, 2019

Average rents in England and Wales fell by 1.7% month on month in May to £901 but they increased in four regions, according to the latest index. The highest monthly rent in May was in London at £1,643 in May, followed by the South East at £1,044 while the lowest average rent in May was the North East at £634, according to the Goodlord rental index. The North East and West Midlands were the most affordable regions for renters in May and the biggest drop since the start of 2019 was in the North West, down from a peak of £815 per month in January to a current low of £711 in May, a decline of 12.8%. The West Midlands has seen rents increase by 7.8% in the first five months of the year to a new high of £720, followed by the South East up by 6.1%. The average rent in the East Midlands is now £805 per month, in the North East £634, in the North West £711, in the South West £896, in the West Midlands £756 and in Wales £756. The data also shows that the average voidage period across all regions was 20 days in May. It’s taking a week longer to fill properties in the North East, which has the longest average void period at 28 days, followed by the North West at 25 days. The shortest void period was for properties in the South West at 15 days.

Spotlight

Come see this amazing Paradise Knolls custom home!! This property showcases a large open floor plan with superior craftsmanship and attention to fine detail. Cathedral ceilings accented with custom tongue and groove planks. Breath taking views of the Sandia Mountains from both front and rear balconies. The exquisite covered patio, outdoor BBQ and custom stone fire place provide the perfect stage for entertaining. This property provides functionality in combination with pure elegance. Call a Realtor to schedule a private showing today.

Spotlight

Come see this amazing Paradise Knolls custom home!! This property showcases a large open floor plan with superior craftsmanship and attention to fine detail. Cathedral ceilings accented with custom tongue and groove planks. Breath taking views of the Sandia Mountains from both front and rear balconies. The exquisite covered patio, outdoor BBQ and custom stone fire place provide the perfect stage for entertaining. This property provides functionality in combination with pure elegance. Call a Realtor to schedule a private showing today.

Related News

REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

RAD Diversified Announces Upcoming Inner Circle Limited Opening

RAD Diversified | November 28, 2022

RAD Diversified ("RADD") is pleased to announce the limited re-opening of its elite Inner Circle program for a select number of new members. RADD's exclusive Inner Circle began in 2015 as a way for interested real estate investors to partner with RADD on select properties and opportunities. RADD will host a live webinar for all interested investors on November 28 at 7 pm EST. See registration details below. "Our Inner Circle is the upper echelon of our business. It's the top investment tier of RADD. We first opened this exclusive club in 2015 at the urging of our shareholders and other stakeholders who wanted a way to invest directly alongside us in choice real estate opportunities," - Co-founder and CEO Dutch Mendenhall During our upcoming live event, we'll discuss the state of real estate going into the end of the year, offer a Q&A, and also highlight some of our recent success stories, Examples like our Inner Circle member Kitson, who turned a $20,000 investment into more than $90,000 partnering with us on a property in Big Bear, California,Mendenhall continued. What we are most proud of with Inner Circle is the track record. Since launching it over seven years ago, not a single Inner Circle member has lost a penny on any deal they've partnered on. We realize – and value – how special this is, added Co-founder Amy Vaughn. Participation in Inner Circle is strictly limited to ensure a truly bespoke experience for each member. The event marks the final time Inner Circle opens to new members for the foreseeable future. About RAD Diversified: RAD Diversified is a real estate investment company that offers multiple ways to invest in residential, commercial, construction, and farmland real estate assets. Our RADD REIT adjusts its share price quarterly based on changes in its portfolio's underlying net asset value. Since its inception, RAD Diversified REIT and Companies have amassed over $100,000,000 in diverse property assets.

Read More

REAL ESTATE TECHNOLOGY,INVESTMENTS

Best Egg Teams up with MRI Software to Provide Flexible Rental Options

MRI Software | December 29, 2022

Marlette Holdings, Inc., one of the leading financial technology companies that operate the Best Egg platform, recently announced a partnership with MRI Software, a global leader in real estate solutions. The Best Egg Flexible Rent platform allows tenants to customize their monthly rental payments by dividing the total amount into several smaller, more manageable installments that can be paid at any time during the month. Due to the integration of this technology within MRI's RentPayment service, residents can now choose Flexible Rent as a payment option without leaving the MRI portal. In addition, millions of renters are managed nationwide by the open and linked software created by MRI, which is used by thousands of multifamily property managers. Best Egg is committed to giving its clients the resources they need to manage their daily finances while fostering financial confidence. Therefore, the company is happy to collaborate with MRI to give payment flexibility to the renters who use its software. The company's new Flexible Rent platform is a natural extension of that aim. Flexible Rent gives tenants more control over how and when they pay bills and guarantees timely and full rent payments to property managers. As part of the Partner Connect program, MRI Software is pleased to welcome the Best Egg Flexible Rent platform since it believes the combined technology will provide tenants greater freedom to manage their rent responsibilities while lessening the administrative burden on property managers. Flexible Rent will be offered to multifamily property managers and tenants via MRI RentPayment beginning in the first quarter of 2023 and will be rolled out to additional properties over time. About MRI Software MRI Software transforms how communities live, work, and play. Its flexible, open, and connected platform empowers commercial and residential property owners, operators, and occupiers to innovate in changing markets. MRI has been a PropTech pioneer for over 50 years, serving over 2 million consumers. MRI's leading technologies and partner ecosystem help real estate companies grow and compete.

Read More

REAL ESTATE TECHNOLOGY,MORTGAGE AND LENDING

3650 REIT Develops Transitional Lending Platform for Recapitalization

3650 REIT | January 04, 2023

3650 REIT, a national commercial real estate lender with a $13.1 billion loan portfolio for relationship borrowers, has announced the launch of its new Transitional Lending platform. The main goal of the new platform is to make transitional loans for borrowers who want to do recapitalization or certain other transactions. With the platform launch, 3650 will now be able to provide borrowers with a complete range of financing options across the property life cycle in a market where banks and other alternative lenders are pulling back. The Transitional Lending platform is a new addition to 3650's existing Bridge and Event Driven (BED) and Stable Cash Flow platforms. It offers flexible loan structures for cash-flowing or newly built projects with a clear path to stabilization. About $500 million in transitional loans are expected to be made through the new platform in 2023. 3650 REIT said that in today's uncertain capital markets, the company must give borrowers various loan options to cover the wide range of deals being made. This new platform is an important and exciting step forward to help the growth process. In this real estate cycle, transitional lending fills borrowers' financing gaps. Those who take these loans will also get customized short-term financing options and business plans for each property. 3650, which has the infrastructure and staff to fund these projects, will book its first loan on the new platform in 2023. In terms of loans originating via its BED and Stable Cash Flow platforms, 3650 had $1.66 billion by the end of 2022. About 3650 REIT 3650 REIT is a commercial lender that makes portfolio loans and takes care of them for relationship borrowers all over the country. Because of its unique way of investing, national scale, vertically integrated platform, and status as a rated special servicer, it can offer customized financing options, high-touch service, and reliable results that are centered on the customer. Meanwhile, 3650 REIT manages its portfolio efficiently by retaining investment risk.

Read More