Manchester rental market sees 20 tenants vie for every property
The increasing number of renters wanting to live in the northern city have seen properties let within an hour as rental costs rise by £75 a month.
- Demand for rental accommodation in Manchester has seen tenants vastly outnumber available properties, with only 1.3 properties available for every 20 tenants
- Rental costs within the city centre have increased by up to 50% in just five years
- Manchester has an undersupply of purpose-built rental accommodation, falling several thousand units short a year to meet demand
Manchester’s rental market has seen demand surge – with over 2,000 potential tenants for just 130 properties.
With a ratio of 15 prospective tenants for every home available to rent, it’s no surprise that, particularly in the city centre, rents have increased somewhere between 40 to 50% over the last five to ten years.
This continued increase follows on from 2015, where rental costs across the whole of Greater Manchester increased by over 20% in just 12 months.
James Favas, from Estate Agent Purplebricks, said: “The market has changed massively in the last decade. Prices can range from anywhere between £750 – £2,500 a month. In terms of inflation, I would say the prices are going up around £50-£75 a month.”
In as little as ten years, Manchester’s face has been transformed, as the centrepiece in the plans for a Northern Powerhouse. The city has seen a vast amount of investment in business, technology and sport, drawing new visitors and residents each year.
Ben Garland, manager at Jordan Fishwick, says: “The market has definitely become busier and we have noticed that Manchester is becoming increasingly popular with clients from all corners of the globe.
“Generally we receive between 5 and 10 enquiries per property then receive 3 or 4 offers on each of our properties on average.”
Source: Select Property Group