The rise in demand for rental properties in Birmingham has seen monthly rents increase by more than three percent in a year, according to a new Zoopla report.
The latest Rentals Report shows that tenants in Birmingham pay an average of £722 per month for a home – a 3.3 percent increase from last year.
The report reveals that monthly rents across the West Midlands rose by four cents between July 2020 and July 2021, bringing the average monthly rent to £716.
Gráinne Gilmore, head of research zoosaid competition for rental homes was fierce at the national level, with properties letting in almost a week faster than last year.
He said the sharp increase was due to tenants returning to the cities, but the increase in tenant demand was not met by the increase in the number of homes to rent, which forced rents to rise.
“There has been a sharp increase in rental property demand in recent months, especially central city “It marks the return of city life as offices and other entertainment and cultural venues continue to open more fully.”
Stay up to date with the latest news from our city with us Birmingham News Email Updates.
The report says there’s another signal of a rebound in activity as city life resumes: average rental time has dropped to a five-year low.
The average time between listing a rental property in the UK (excluding London) and accepting a rental tenancy is now 18 days, compared to more than 20 days in July last year.
However, you need to be quick to secure a property in the West Midlands as the average is only 14 days, while in Birmingham the average is 15 days.
Want to know what’s happening in our area? Sign up on our site for the latest information on days out, nights out, shopping and more. What’s On Daily Email updates.
Offices, bars, restaurants, galleries, theaters and other downtown attractions have reopened, with demand for rent rising and rents soaring, the report said.
Average rents in the Birmingham local government area have increased by 2.5 percent in the last three months alone, marking the ‘return’ of the pendulum as tenants return to city life similar to the pre-Covid days.
As a result, the decline in rent demand seen in the center of cities was reversed during the pandemic as tenants moved with their families or elsewhere in the country.