Some good news for UK renters, rents are just 2.2% higher than a year ago—the slowest pace of growth in four years. Thanks to the latest data from Zoopla, we know that the average monthly UK rent now sits at £1,320 (or £18,840 a year), although costs can vary wildly depending on where you live (*cough” London *cough*).
In the North East, the average monthly rent is just £760. That’s a 4.5% growth, or in cash-money terms, an extra £30 a year. On the other end of the spectrum, the capital’s average rent is almost triple that at £2,224 a month. While that’s only 1.6% yearly growth, it’s another £40 on top of the previous year’s rent.
Where is the cheapest place to rent in the West Midlands?
I already know what you’re thinking: Where does the West Midlands fit into all this? Well, it’s a mix of good news and bad news. The bad news is that the region is definitely on the more expensive side of rental life, but that’s always expected when it has so many major cities. The good news? It’s nowhere near as bad as London.
The region is only cheaper than the South West (£1,149), East of England (£1,263), South East (£1,397) and London. The average monthly rent in the West Midlands is £986, and it had one of the smallest rental growth rates in the UK—rising only 1.7%, or should we say, an extra £20 a year.
The average monthly rent in Birmingham is slightly higher at £1,023. But if you’re looking for something far cheaper “within easy reach of Birmingham”, Stoke-on-Trent is the cheapest in the West Midlands with an average monthly rent of £752. Other options are Staffordshire Moorlands (£788) or East Staffordshire (£830).
Why move?
Right now, it’s a renters’ market. A narrowing demand and supply gap—with demand falling by a fifth in the last year and the supply of available rental homes rising by 15%—means more homes are available, and there’s less pressure on your budget.
To look at the UK’s cheapest place to rent, head here.