The HomeLet Rental Index, which is released monthly and analyses archived rents to paint a general picture of the UK market, has unearthed shocking data that the West Midlands’ rent prices have jumped in +0.4% in one month alone, which is around £4pcm more for the average renter in the region.
It’s not only this month that is causing alarm amongst experts, rent prices have risen in the West Midlands by +9.02% in the last 12 months, which equates to around £86. Furthermore, West Midlands’ renters are forking out 31.1% of their wages on their rent, a +2.4% escalation on last year alone.
This comes as HomeLet’s Rental Index shares the disheartening news the average in the UK is continuing to creep up, this month by +0.9%.
Professionals believe this is not concurrent with wage increases, leaving many more out of pocket now than they were in a post-Covid Britain.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer says: “It’s bad news for the West Midlands, with a monthly increase in rental prices. This trend, if it continues, is not at all sustainable for the region’s renters or it’s landlords. We hope to see a drastic change soon.”
It’s predicted that rent prices in the West Midlands could rise by a further 5% – 10% by the end of 2024.
The full breakdown of rent increases, variances and rent-to-income ratios can be found on the HomeLet website. The HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK. The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.