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If you're a landlord in Manchester, you're fortunate to tap into a flourishing rental market within the UK's second largest city. With a population exceeding 2.7 million people, Manchester has transitioned from being renowned for textile manufacturing to becoming a vibrant hub of art, culture, and culinary delights. In this blog, we aim to offer valuable information about the Manchester rental market over the past year, equipping you with the essential statistics to assist you answering common questions like - "How much should I charge for rent in Manchester?”
The average rental price in Manchester
The vibrant city of Manchester has witnessed a significant evolution in its rental market in the past year. As of June 2023, the average monthly rent for properties in Manchester has risen to £912, indicating a substantial 13% increase compared to the previous 12 months. Flats have experienced the most notable surge with a 16% rise, while houses have seen a comparatively lower increase of 12%.
Homes by let type in Manchester
One of the appealing aspects of Manchester is its diverse range of housing options. Many individuals who were born and raised in the area decide to remain there. Unlike London, where a significant proportion of properties available in the private rental sector (PRS) are flats, Manchester boasts a more balanced distribution of housing types. Recent statistics reveal the breakdown of homes by rental type in Manchester over the past 12 months, from June 2022 to June 2023, as follows:
The average rental price by property type in Manchester
Despite the diverse range of properties available in Manchester, there is a noticeable increase in the number of high-end flats and apartments, particularly in Salford. The Manchester Evening News reports that a significant portion of the projected 28,560 homes to be constructed in the city by 2037 will consist of apartments. Although several luxurious apartments are currently on the market in newly developed complexes like Deansgate Towers, the average rental cost for a flat in Manchester is just under £800. Here is a breakdown of the average rents for different property types across Manchester:
Average age of Manchester tenants
Recent reports reveal that 22% of renters in Manchester are aged between 22 to 24, while the average age of renters in the city is 33 years old. Manchester's thriving job market has attracted young professionals focused on their careers, making the age of 33 a positive attribute for landlords. At this stage, tenants are more likely to have stable employment and income, benefiting from the abundant work opportunities in the city.
The Northern Quarter lettings statistics
With it’s vibrant atmosphere, trendy establishments, and cultural scene the Northern Quarter often appeals to young professionals and creatives seeking rental properties. The areas high demand ensures a steady steam of potential tenants, and its proximity to to the city centre and excellent transport links further enhance it’s desirability. Property values in the Northern Quarter have been increasing, offering the potential for capital appreciation, while higher rental prices contribute to favorable returns on investments. Landlords should maintain high standards to compete in the competitive rental market of this popular neighborhood. Below we have compiled some statistics regarding local lettings over the past 12 months in the Northern Quarter:
Salford’s lettings statistics
Salford in Manchester is a thriving area for landlords. With its proximity to the city center, major regeneration projects, diverse housing options, and strong rental market, it presents attractive investment opportunities. The presence of MediaCityUK and the University of Salford further contribute to the demand for rental properties. Landlords can benefit from potential capital appreciation, competitive rental yields, and a steady rental income in this growing area. Below we have compiled some statistics regarding local lettings over the past 12 months in Salford:
In conclusion, Manchester's rental market offers a promising landscape for landlords. With the average monthly rent increasing by 13% over the past year, the city presents a profitable opportunity. Although we provide nationwide services, we are proud to be situated in the heart of Manchester. If you’d like to learn more about managing a property in Manchester get in touch with our team of experts today to learn more about how our local knowledge can help you.
