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8th Jun 2022|Sales|Lettings|New Homes|

Understanding the Solihull rental market

Many of our established clients, as well as those new to buy-to-let investing, look to Centrick to provide them with the best guidance on where and when to invest in property. One of our most popular regions is Solihull, which is experiencing a significant upsurge in popularity, making it the ideal place to set your eyes on for your next buy-to-let venture. Thankfully for investors, the time to invest in buy-to-let property has certainly not been and gone, with the latest Rightmove statistics demonstrating a 3% surge in property prices in Solihull when compared to last year – the region clearly remains popular for buyers and renters alike. In this piece, we’ll be looking at what the rental market in Solihull is like, the kinds of people renting in Solihull, and the growth the area is experiencing, so that you can make the most informed decision about investing in this wonderful part of the West Midlands.

Who is renting in Solihull?

House prices in the Solihull region are high, leading many to resort to renting rather that purchasing outright. The average price of a Solihull property is £443,393 according to Home.co.uk, but according to Government stats the average property in the West Midlands should cost much less at £235,809, making renting a much more feasible option for many locals. Additionally, the region’s proximity to Birmingham International Airport makes it an ideal place to live for those with careers that require travel, especially considering that Solihull has been voted the best place to live in the UK. Expect to see a mixture of working professionals, families, and more affluent renters looking to find characterful properties.

Rental Trends in Solihull

Solihull has a reputation for being rather affluent, and this is reflected in the data shown by home.co.uk with the average rent in the region being almost £1,400 per month. Flats, specifically two-bedroom ones, are most commonly listed. However, if you have a house rather than a flat to list for rent, expect this to fetch an average of £1623 per calendar month. The elevated demand and consequently higher price bracket for these types of properties is unsurprising, due to the region’s largest tenant demographic of 40-49 year olds, with many of these people having established careers and families. With an abundance of ongoing projects due to bring more jobs and opportunities into the region, we anticipate that rental prices in Solihull will continue to soar.

What is impacting renting in Solihull?

Tenant demand in the region is, thankfully for investors, sustainable and not merely a fleeting trend. This is, in part, due to Solihull’s location, making it the ideal commuter town for those working in Birmingham. Solihull is a mere 11 minutes away from Birmingham City Centre by train, with these commuter routes being hugely popular for well-paid working professionals that want ease of access to the city without being directly in the centre of the city itself  With Birmingham being the largest business, professional and financial hub in the UK outside of London, and employing over 100,000 people, towns like Solihull will remain popular for those requiring access to Britain’s second city.

But why do professionals choose Solihull, and not Birmingham? Post-lockdown many people are preferring more suburban areas with more outdoor space, increasing demand in places like Solihull. A YouGov poll saw 32% of buyers say that the pandemic made gardens more desirable for them, making outdoor space the most significant post-pandemic trend from the entire survey. The suburban appeal is especially true in the era of hybrid-working, which is becoming an increasingly popular approach as Britain navigates the post-pandemic employment landscape.

However, Solihull doesn’t just attract commuters – it has plenty to offer in terms of shops, bars, restaurants and parks. It is a popular hub for those interested in arts and culture, with its fine art galleries and arts venues, and is home to some of the most renowned places to dine in the Midlands. Even better, Solihull hosts its own Summer Festival, Vegan Markets and Social Events regularly, which provides entertainment for locals and brings families from across the country into the region. With access to the M42, M40 and M6, Solihull is easy to reach by road, as well as being home to Birmingham International airport and several train stations offering direct access to Birmingham and beyond. In short, Solihull’s impressive rental demand isn’t just a temporary trend – the region’s accessibility, amenities and proximity to business hubs make it a viable place for many people to settle down in the long term and is sure to continue to attract newcomers.

What does the future of renting in Solihull look like?

We’ve established that Solihull already demands a higher price tag when it comes to rental properties than other areas across the West Midlands, but it’s set to improve even further for landlords. The Office for National Statistics projects Solihull’s population to increase by 33,000 from 2006 to 2031, fuelled largely by natural change and internal migration, as well as the knock on effect of the vast population increases predicted for Birmingham over the coming years. What’s more, investment in Solihull is likely to make tenant demand even more competitive – with the Arden Cross development looking to create over 27,000 jobs, the Commonwealth Games placing the global spotlight on the West Midlands, and HS2 coming soon, the region is sure to become even more in-demand than before. There truly is no better time to invest in Solihull.

 

If you have a property to let in Solihull, are hoping to expand your portfolio, or are just starting your buy-to-let journey, Centrick are here to help. Our team of investment and lettings experts are Solihull locals that know the region like nobody else – contact us using the form below to start your buy-to-let journey with Centrick:

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