The rental market remains active, although rent growth is much more measured than the sharp increases seen in previous years.
Rightmove’s latest Rental Price Tracker shows the average advertised rent outside London reached a record £1,397 per month in Q2, up 2.3% compared with a year earlier. Rental supply was also 1% lower than the previous year, showing that the shortage of available rental homes remains an important factor in the market.
The latest Zoopla figures available during August put average UK rents at £1,321 per month, with annual rental growth of 2.1%.
Here in Solihull and the wider West Midlands, demand remains healthy for good quality rental homes, particularly family properties in desirable locations with access to schools and transport links.
However, affordability is increasingly influencing how much tenants are prepared to pay. Zoopla’s latest regional research shows that rental growth has been much more subdued in some higher-cost Midlands locations, including Birmingham.
For landlords, this means setting the right rent is becoming just as important as it is for sellers setting an asking price.
Quality rental homes can still let quickly, but the days of assuming every property will immediately attract huge numbers of tenants have eased.
Rightmove’s latest quarterly data shows that the average rental property receives around 10 enquiries, compared with 22 at the peak of rental competition in 2022.
That still represents healthy demand, but tenants now have slightly more opportunity to consider their options.
We expect demand for rental homes to remain healthy as we move into autumn.
The shortage of available rental stock continues to support rents, but affordability is likely to limit how quickly rents can increase in some areas.
For landlords, the focus should therefore be on achieving a realistic market rent, attracting reliable tenants and keeping properties well maintained and compliant.
For tenants, good properties in popular Solihull locations are still likely to move quickly, so being prepared with references and affordability information remains important.
If you’re a landlord and haven’t reviewed your rent recently, or you’re considering letting a property for the first time, we can provide an up-to-date rental valuation based on the current Solihull market.
0121 430 4448
enquiries@hshomes.uk
