Due to an unprecedented lack of availability of rental homes, last month in Manchester average rents reach record-breaking levels. On the last day of July 2022, just 522 properties were available to rent in Manchester – which is 667 fewer than the same day in 2021.
This sustained reduction in availability has again resulted in average rents to rise – and it seems likely that these increases will continue well into the summer and beyond with students returning for the new academic year.
In its regular monthly insight series, Alliance City Living looked at rental trends across all of Manchester for the month of July 2022. The average rents for 2-bedroom apartments in Manchester has now breached £1,400pcm for the first time, and now all unit types (except for studio apartments) have again reached record levels.
Interestingly, our data shows that although availability for rental homes is historically low, the number of homes being let is actually still paradoxically at quite a high level. There were 976 rental homes let in July 202, compared to 1,066 in the same month in 2021, 638 in 20202 – and 810 in pre-Covid July 2019. The reason for the high level of homes being rented last month is likely to be due to the fact that available rental apartments are spending less time on the market than ever before. According to Alliance City Living’s own evidence, apartments are now spending a maximum of just two days on the market!
Traditionally, every year in August and September lettings numbers increase across the city. If this happens again in 2022, then we could well see a figure that is even higher than the record-breaking year of 2021 this month.
This latest insight into the rental market is proof – if it were needed - that Manchester continues to be an exceptionally attractive market for landlords to operate in. Whilst the market is so buoyant it is still crucial that successful landlords are supported by an exceptional building manager who can offer their tenants the level of service they expect.
Alliance City Living continues to be an extremely popular property manager in Manchester for both landlords and tenants alike. As a business we are part of a wider group which includes those responsible for the construction, development and sale of our buildings. This means we are fundamentally linked to our landlords in a way that makes us unique from other management companies and can offer an unparalleled level of service.
Switching to Alliance City Living has never been easier, we can take care of everything for you and help you at every step of the process. To find out more, speak to the team today.