Around 230,000 new rental properties in the UK are needed to avoid a damaging shortfall in supply as demand booms, a report has found.
Private rent prices have exploded in recent years, with the fastest rise on record occurring in January 2022.
The average advertised rent outside of London rose by 9.9 percent when compared with year earlier.
There is a severe shortage of affordable housing in the UK, which is driving up the price of rent and sales.
consultants Capital Economics believe there will be demand for 1.8m new households over the next decade.
Andrew Evans, managing economist at the group, has identified a “series of policy changes” overseen by the Conservative Government, which has led to a catastrophic shortage.
Rents are now higher than ever, amid an increasing cost of living crisis which has plunged millions into working poverty.
How much is rent in Birmingham?
The average rent in Birmingham is £1,213 per calendar month (PCM), according to Home.
Property prices per bedroom:
- One bedroom – £733 pcm
- Two bedrooms – £1,056 pcm
- Three bedrooms – £1,099 pcm
- Four bedrooms – £1,526 pcm
- Five bedrooms – £2,024 pcm
What are the cheapest areas to rent in Birmingham?
Areas such as Aston, Newtown,Nechells and Moseley are reasonably priced.
Moseley is particularly popular, being named the best place to live in the UK for city living in 2015.
Kings Heath, Selly Oak and some properties in Bourneville are also more affordable and relatively close to the University of Birmingham.
What are the most expensive places to rent in Birmingham?
Areas like Sutton Coldfield, Edgbaston and Solihull tend to be the most expensive places to rent and properties are in high demand.
Birmingham has undergone a great amount of regeneration over the last few decades, which can be seen in rising prices.
As London becomes even less affordable and home-working becomes the norm, expect the UK’s second-largest city to attract even more interest.