Manchester Apartment Rental Prices See Strongest Growth of UK's Big 6 Cities
Manchester has emerged as the UK's top-performing city in terms of rental growth according to JLL. The city's apartment rental prices have seen the strongest growth among the Big 6 cities in the country, including Birmingham, Bristol, Edinburgh, Glasgow, and London.
Strongest Rental Growth for Manchester Apartments
Manchester's rental market has seen a steady rise in demand for rental apartments, especially among young professionals and students. The city's growing economy and development of new business and cultural hubs have led to an influx of people seeking accommodation in the city centre.
22% Increase in Manchester Rents
JLL’s ‘Big Six’ research, which tracks residential development activity, prices and rents across Manchester, Birmingham, Leeds, Bristol, Edinburgh, and Glasgow, revealed that rents in Manchester increased by 22% annually, surpassing Birmingham, which recorded the next biggest growth at 18%.
JLL attributed these robust rental price rises to the end of Help to Buy in October 2022, along with the rise in mortgage rates following September’s mini-Budget. The research also showed that energy efficiency has become a significant factor driving rentals in city centres, as people seek ways to reduce their bills amid the increasing cost of living. Since the beginning of 2021, 20% of Energy Performance Certificates (EPC) certifications completed in Manchester were A or B rated, compared to only 12% a decade earlier.
Manchester Property Price Growth of 19.3% & Rental Growth of 21.6% Forecast
Despite property price growth slowing from the peak pandemic levels, JLL forecasts that sale prices of Manchester city centre homes will increase by 19.3% over the next five years, while rents will rise by 21.6%, which are the highest predicted across the six markets analysed.
Regency Invest notes that the end of Help to Buy and rising mortgage rates have caused some prospective home buyers to delay their decision to purchase, resulting in an already squeezed rental market experiencing further pressure and rents rising an average of 15.8% across the Big Six cities analysed.
Stephen Hogg, Head of JLL North West & regional residential UK regions, said: “Manchester’s vibrant job market continues to attract the brightest talent, so the competition for housing is fierce. We expect to see rents continue to climb as both new and existing tenants race for space in the city."
Marcus Dixon, Director of UK Residential Research at JLL, highlighted that city centres continue to exhibit a post-pandemic renaissance, indicating their underlying strengths in providing education, jobs, and comfortable housing for people from all backgrounds. As students and professionals increasingly return to city centres, JLL anticipates that growth will continue, and investors will be hoping that a broader economic recovery across the UK will benefit city centre property markets.
Invest in Manchester Buy-to-Let Property with Regency Invest
Regency Invest, a leading property investment company, has recognised the potential of Manchester's rental market and has been actively investing in the city's property market. Regency Invest offers investors the opportunity to invest in premium rental apartments in Manchester, with high potential for capital growth and rental yields.
As Manchester's popularity continues to grow, so does the demand for quality rental accommodation. Regency Invest's investment properties in Manchester are strategically located in prime locations within the city centre, offering easy access to transportation, business hubs, and cultural attractions.
With Manchester's rental market showing no signs of slowing down, investing in the city's property market with Regency Invest can provide investors with a secure and profitable investment opportunity. Regency Invest's team of experts can guide investors through the entire investment process, from property selection to management and rental yield optimisation.
Manchester's apartment rental market has shown strong growth, making it an attractive investment opportunity for property investors. Regency Invest's investment properties in Manchester offer high potential for capital growth and rental yields, making them an ideal investment choice for investors looking for a secure and profitable investment.
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