- The third quarter of 2022 has seen Manchester reach its record-low rates for rental availability.
- The main consequences of this limited housing supply are the steep increase in rental prices and the subsequent race among prospective renters to secure a property.
- As Manchester’s population continues to expand, city developers will need to strive to match the ever-growing demand.
Manchester rents continue to soar as a result of insufficient inhabitable space. Demand and low stock have pushed Manchester 2022 rent prices to their highest level in 16 years.
Rental Supply Hits New Low
Even though there are around 5,500 new projects under development this year, Manchester still struggles to keep up with demand, according to Urbanbubble. The third quarter of 2022 has shown the city as reaching its record low rates for rental availability, with only about 360 properties open to those looking to rent.
The main consequences of this limited housing supply are the steep increase in rent prices and the subsequent race among prospective renters to secure a property. Areas like Salford and Trafford have seen rent costs go up by 20% in the last twelve months, while others have had an increase of almost 40%.
Trafford in particular has had remarkable growth in both the interest shown by potential renters, and the overall rental costs. A preferred location of those looking for affordable housing, Trafford appears to be aligning with the overall price increase trend: central Trafford studios now cost more than two-bedroom apartments in the same area did a few years ago. A 12.3% increase in the rental cost of a studio has been registered within the course of 2022, while the newly recorded year-to-year price rise is of 24%.
Continuous Growth of Population and Demand
As Manchester’s population continues to expand, city developers will need to strive to match the ever-growing demand. The city centre specifically will have to see further developments being built, so that it can measure up to the rampant number of inhabitants. Since the current economic climate has not been particularly encouraging for the activity of property developers, the speed of delivering new buy-to-let homes is set to decline over the next year. This can only reinforce predictions of further increase in rental prices, in a city where the population is set to grow by around 30,000 people over the following 6 years.
City Centre Property Availability
Even within the current frame of rather scarce housing supply, there are quite a few options for those looking to buy or rent central property in Manchester.
North Property Group offers newly built apartments in the central area of Manchester, with rental yields from 6% to 13,5%. Our three current developments, The Bailey, Michigan Towers and the luxury residences Manchester Waters are ideally situated in the city centre and benefit from everything from great specifications to unbeatable payment plans.
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Take advantage of the booming rental demand and find out how to make a Leeds property investment or where to buy an investment property elsewhere in the UK. Book a free consultation with North Property Group today to learn more.
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