Manchester City Centre Rents Continue To Rise
City centre living is quickly becoming the norm in a lot of places and with Manchester’s population growing year on year and space and supply being very limited, Mancunian renters are currently experiencing more than a tough time.
The Manchester Evening News reported that estate agents claim that there are over 2,000 potential renters to just 130 properties in Manchester, leading to a ratio of 15 prospective tenants for every single property.
The MEN research overall discovered the following trends:
It is becoming more and more difficult for renters to find the perfect property, with up to ten enquiries for every city centre flat.
Each apartment to rent is receiving 3 or 4 offers.
Some properties are let after just ONE hour.
Prices are rising by up to £75 a month in some city centre hot spots.
The market is becoming increasingly competitive due to the significant shift in interest of Generation Rent to move away from London and live their life in Manchester.
City Centre Estate agents stated:
“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.”
“To rent they have to close on the day, as we would have around 4 or 5 people to view the property on the day.”
“I have dealt with properties before in the city which have been on the market for only 1 hour and been let.”
This is however not all good news, as demand is outgrowing supply at an impressive pace, it’s becoming harder to find the right fit for everyone. This lack in appropriate accommodation leads to only one thing: a rise in prices. Rents in Manchester have continued to rise over the last 12 months, a change that has been felt most significantly in the city centre.
A City Centre Estate Agent 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.”
“The old stories from 2005/2006 that Manchester was building more apartments than there was demand for is long, long forgotten.
“We can see that Manchester has a strong economy, helped with the relocation of the BBC and we are very positive about the future with the high speed rail links “shrinking” the distance to London.
“But the only way we can see Manchester City Centre being able to supply the apartments needed is for it to “grow” bigger, moving the city centre out towards those areas that were once considered on the periphery.”