A revealing report has shown that tenants have been boomeranging back to the city at a far higher rate than expected following the pandemic. Increase in tenant demand for rental property in Manchester has grown by a massive 36% in the last 12 months according to Rightmove’s latest Rental Price Tracker.
Such huge increases in demand for rental properties has also been pushing up rental returns, with monthly rents rising by the fastest rate ever recorded by Rightmove. Outside of London, rents have risen 8.6% over the last 12 months with the capital also seeing an increase of 2.7%.
The increase of demand for apartments has been particularly strong in Manchester City centre, with an increase of 36% since September 2020. Rental prices are so strong in the city, that demand is now exceeding pre-pandemic levels.
The report also highlighted that the increase in demand is already starting to be reflected in rental growth. Rents in Manchester have risen by 4% since February 2020 – before the effects of the pandemic fully took hold.
Rightmove director of property Tim Bannister says: “A year of various lockdowns saw many city centres hit with either a complete standstill in rental growth or falls of over ten per cent in some cases, as tenants moved further out or back in with family temporarily.
“But as society opened again cities have not only bounced back but are now seeing strong rental growth, fuelled by increased tenancy demand and limited available stock…. Demand is notably up in London compared with this time last year, another sign that people are reconsidering where they want to live.”
The increase in demand is excellent news for anyone looking to buy a city centre rental property. For more information about purchasing a buy to let property in Manchester, get in touch with our team today who will be able to advise you on your best options to achieve stable, long-term returns. Click here to find out more
