Our in-depth look at the rental market in the region reveals a 'totally unsustainable' situation
Renters are being priced out of the market, which could leave some homeowners left with nobody to fill their vacancies, a property expert said this week.
And it has caused some owners to sell up exacerbating a problem where the supply and demand of rental homes is already imbalanced.
The message came as data from The HomeLet Rental Index said West Midlands renters can now expect to pay, on average, £937 per month.
The figure was up 0.43 per cent from last month alone, and a staggering 8.2 per cent compared to this time last year.
The report also said renters in the West Midlands are forking out 29.4 per cent of their wages in rent, which has risen from last year by 0.4 per cent.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: “Sadly, rental prices in the West Midlands once again reached an all-time high.
"Rent prices in the region have increased by 8.2 per cent in the last year alone – and it’s totally unsustainable.
“Our data shows that rents still rose in most regions across the country between September and October 2023.
“As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all."
“It really feels like there’s no end to this madness, we’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.
“Renters are being priced out, and the homeowners are left with nobody to fill their vacancies.
"We need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands in the UK.”
Andy Roberts, managing director of Berriman Eaton, which has offices in Wombourne, Tettenhall and Bridgnorth. said there was an imbalance between supply and demand in the region which has seen rental rates increase.
One property made available this week saw, in just 24 hours, 17 enquiries, with 11 viewings booked, with the home expected to be taken quickly.
"The rental market in the region has continued to thrive throughout 2023, with multiple viewing enquiries and applications received for each property," he said.
"This trend shows no signs of slowing down.
"There remains a pronounced imbalance between supply and demand, resulting in a significant increase in average monthly rental rates.