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.”