Tenants in the West Midlands are suffering more from rent increases than anywhere else in the UK, new research shows.
According to the Association of Residential Letting Agents (ARLA), three in five (59%) letting agents in the West Midlands witnessed a rent increase for tenants in September.
This compares to just under a quarter (22%) of letting agents in London noticing a rent increase since last month, and a UK average of 32%.
Things are brighter for those living in the East Midlands though, as they are likely to be the most successful when finding rented accommodation.
The report revealed that things are not so rosy in London, which has the lowest number of managed properties. Supply still remains an issue in the capital, which has an average of six viewings per property, the highest out of all regions in the UK.
Demand for rental properties is the strongest North West, with agents registering on average 40 new prospective tenants per branch in September.
David Cox, managing director at ARLA, said: “It’s a surprise to see that those renting in the West Midlands are suffering from rent increases the most, when many of us would automatically think tenants in London would be the most prone to rent increases due to the competition in the capital.
“The rental property market remains a significant concern, as prospective house buyers either can’t afford to get onto the housing ladder, or simply can’t find a house they are willing to buy – putting increasing pressure on the rental market. Until the issue of supply and demand is addressed, we will continue to see tenants across the country struggling to get a good deal on rental properties.”
Loading ...