One of our core lettings areas here at Accommodation, Birmingham is the UK’s second-largest city with a population of 1.15 million people, and a metropolitan area population of 4.3 million people!
With the return of city living and people going back to the office, it’s no surprise that Birmingham has seen an impressive rise in demand for rental properties, and with it, a significant price increase.
According to Rightmove’s latest rental market report, the average yield in the West Midlands is currently 6.1%, which remains steadily in line with yields of the same period in 2021.
Rental prices, however, have risen from £860 per month in Q2 last year, to £999 per month at the end of Q2 this year which is a rise of 16.1%.
That figure picks up from the end of June, where there was a 6-10 week advance in demand for rented accommodation in Birmingham city centre, compared to 4-6 weeks at the same time in 2021.
In July, rents rose an incredible 4.9% in just one month, showing yet another surge in demand for properties and pushing the average void period in the West Midlands down from 24 days in June, to just 16 days in July.
Want to find out more about the rental market in Birmingham?
Our partner for the area is Charlotte Edwards, you can book a valuation with her below