House rents remain almost static in West Midlands despite national hike
House rents have risen nationally by more than £20 a month over the past year - but have remained almost static in the West Midlands.
The average rent for a household in England and Wales was £763 last month, up from £742 last year.
But in the West Midlands, the average rent rose by just £2 a month from £554 to £556.
The region with the largest increase in rents over the year was east England where rates rose 8.8 per cent from £718 to £781.
The figures were from the latest buy-to-let Index from Your Move and Reeds Rains.
Overall, the average residential rent in England & Wales has grown by £107 since January 2010.
Adrian Gill, director of estate agents Reeds Rains and Your Move, said: "The nature and affordability of UK housing is transforming before our eyes.
"In the last five years the private rented sector has successfully absorbed an unprecedented influx of tenants, while rental prices have broadly tracked inflation.
"As ever, the devil is in the detail – but as this growth accelerates, even more investment will be necessary for the industry to keep up.
"So we need more buy-to-let landlords to help solve the crisis in demand for homes to rent."
Mr Gill said more money needed to be spent on improving homes on the rental market to justify the increased rates.
He said: "More investment is still needed in the private rented sector.
"Not only do rental properties provide an essential service, giving people who can't yet afford to buy the mobility to seek out work – they are among the most stable investments available.
"More landlords on the market can only be better for tenants, allowing prospective renters more choice."
