Rent in the West Midlands has increased by 4% across the past year from April 2018 to April 2019.
Your Move recently released data showing the rental market in England and Wales continues to grow steadily. And during April, average rents increased to £861 per month, which is a 0.5% rise from last April.
Regional rental markets
With the strongest rental growth, the West Midlands saw rents rise to £641 per month in April. The region overtook the south-west, which featured a 3.7% increase in rental prices. Yorkshire & The Humber came in at third with a 2.5% rise in rental prices. Rental room costs in Leeds have even increased by 50% annually, according to a recent report from ideal flatmate.
The figures from Your Move revealed the north-west racked up a 2.3% increase in the year to April, while the East Midlands had a growth of 2.2%. These numbers reveal the Midlands and north are seeing steady growth in rental prices, while prices have dropped in London by 1.1% and by 2.2% in the east.
Martyn Alderton, director of national lettings at Your Move, stated: “It is the areas which have seen periods of strong growth in recent years, such as London and the East of England, which have dropped back slightly. Other areas of the country, including the West Midlands, are starting to catch up and are growing at an attractive rate.”
Stable investment returns
Between March and April, property investors had stable returns across the board. The average rental yield for investors in England and Wales amounted to 4.3% in April, which was the same for the month of March.
“Regardless of the short-term rent fluctuations the property market remains a great place to invest, with landlords also enjoying stable returns compared to last month,” Martyn Alderton commented.
According to VeriSmart, the annual value of England’s rental market is an impressive £66.7bn. Last year, every region of England boasted above average investment volume, and property investment specifically in the north-west reached the highest level in over a decade. These figures show England’s rental market continues to be a popular investment choice.