Average Monthly Rent in Manchester City Centre Jumps Above £1,000

August 2, 2022

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Article Summary

Manchester
  • April 2022 saw rents rise 10% compared to the previous year

  • Deansgate and Spinningfields see the highest rents in the city

  • The average monthly rent for a two-bedroom property in the city is £1,082; some neighbourhoods see an average of £1,272

  • Manchester is one of the most in-demand cities for rental properties 

The average monthly rent for a two-bedroom buy to let in Manchester city centre has soared above £1,000 for the first time. April 2022 saw rents for such properties jump by a huge 10% compared to the previous year, according to data released by the local council.

 

Double-digit growth

As of April 2022, the average monthly rental income from a 2 bedroom property was £1,082 –  a 9.8% increase compared to the end of April 2021. These figures show why Manchester is continuing to establish itself as a hotspot for investing in property.

 

But these average rental increases are dwarfed by the rises in some parts of the city. Buy to lets in Manchester’s areas of Chapel Street West and Oxford Road South have seen their average monthly rents jump by a massive 17.3% over the past 12 months. Piccadilly Basin follows closely behind.

 

The parts of Manchester where investments in property can generate the highest rents are Deansgate and Spinningfields. The average two bedroom homes here have a monthly rental price of £1,272. Rents in Owen Street and First Street also perform very well at £1,237 per month on average.

 

Manchester’s growing popularity

Manchester city centre has long been a top choice for those investing in property in the north. However, since the coronavirus pandemic, buy to lets in Manchester have become even more popular as Manchester proved its economic resilience. While other housing markets struggled, Manchester’s property market boomed.

 

And with companies continuing to open offices in Manchester, demand for good quality rental properties has never been higher. This is helping to push up rental yields for landlords in the area.

 

But it’s not just people seeking jobs in Manchester who are adding to the rental demand. The rise in hybrid working and the excellent travel links between Manchester and London has led to more and more people moving from the capital to Manchester city centre, but keeping their jobs in London.

 

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Individuals or organisations and can invest in property and these investments can be short, long or medium term.

 

Get in touch

To find out more about investing in a buy to let in Manchester or investing in property anywhere else, contact North Property Group now.

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