Manchester’s rental market proves irresistible for investors.
Properties in Manchester are rumoured to rent out within a few hours
For some time now Manchester has been at the heart of a transformation both economically and aesthetically. New business startup’s, a cheaper cost of living, and the influx of migration from the UK and internationally has meant a huge pressure being placed on both Manchester’s housing supply and rental market. In this article Opulent take a close look at how long properties take to rent out in Manchester and why the rental market in Manchester is so hot at present.
New bars, shops, gyms, and restaurants are seemingly opening every day in Manchester City Centre and so it’s quite easy to see why so many people are drawn to live in Manchester’s evolving city centre.
We decided to take a closer look at Manchester’s rental market, and our results were astounding.
Our research found that many of the letting agents in Manchester are saying the market has never been as busy as what it is currently. With more and more people being unable to afford to buy a property in Manchester, renting seems to be fast becoming the norm. Compounding this issue is the rise in young professionals migrating to the city in their thousand’s. Some estate agents comment that more than 2000 tenants are competing for just 130 available properties in or close to Manchester City Centre a ratio of 15 prospective tenants for each property.
Our research also highlighted also that:
- It is becoming harder to find the perfect property with fewer city-centre flats available to rent
- Each apartment is receiving 3-4 offers from prospective tenants
- Some properties are let within 1 hour of coming on to the market
- Prices are rising by up to £75 each month in some city centre hotspots
The situation is being described by most letting agents as desperate with most having to turn away prospective tenants due to not having enough properties available to rent. Therein lies the key issue with all of this. Rental supply is simply not keeping up with demand and consequently increasing the cost to rent. All of this is good news for prospective investors.
In short, the rental supply situation in Manchester is nothing short of dire, and until more properties come on to the market, the situation is unlikely to get any better. It seems that the development of area’s on the periphery of the City Centre in areas such as Greengate and Media City is relieving some of the tension as the city centre begins to spread out however until more projects are built within the City Centre, Opulent foresee rents continuing to rise, demand continuing to outstrip supply and the investment scenario for prospective investors to continue to get better.