Manchester has the second largest increase in rent prices in the UK, behind Newbury. Recent data from Rightmove reports that the average asking rent in the city increased by 20.5% in the year to Q3 2022. This information comes as the demand for rental properties across the UK soars.
Rightmove data shows that in Q3 2022, the demand from tenants rose by 20% in comparison with the same period in 2021 which drove up the average monthly rent. The average rent in the UK is now £1162, which is an increase of 11% year on year, and a 3.2% increase since the month of July.
This is only the third time since records began that rents have increased by more than 3% in a three-month period.
The ONS has also published data on the UK’s private rental prices which indicate that rents in the year to October 2022 increased by 3.8%, which is up from 3.7% in the 12 months to September 2022.
However, there are differences across the regions in the UK. Manchester had the highest increase after Newbury for rental price increases.
Manchester rental prices soar
Comparing 2022 to 2021, the average monthly asking rent prices in Manchester have risen from £959 to £1157, which is an in cease of 20.5%.
This is proving how Manchester is becoming very attractive to both tenants and investors. This trend looks it is set to continue as more and more people move into the region.
The increase in rental prices is being driven by several factors including the city’s thriving economy and employment market. Manchester is becoming one of the most dynamic cities in Europe, with a variety of innovative businesses making it their home. This is creating an influx of new tenant who need properties to rent and leading to a buoyant rental market.
Another factor that is increasing property prices is the regeneration of several main areas within Manchester, such as Ancoats and Salford Quays. These previously run-down communities have been transformed into vibrant hubs for both businesses and residents, thus driving up demand for rental properties even further.
Across the UK, the number of available properties to rent are lower with some regions recording a 30-year low when comparing the amount of properties listed as available to let.
A change of priority
When assessing the areas of fast rental price increases across the UK, it proves that City Living is very much on the rise.
What’s next for the Manchester rental market?
The future of the Manchester rental market looks attractive, and investors who choose to take advantage of this booming market now will derive the benefits for many years to come.
The city’s employment market and lively social scene make it a very attractive proposition for tenants, developing a steady stream of demand for rental properties. As such, Manchester remains one of the best places to invest in the UK.