{"id":63487,"date":"2023-05-16T13:23:35","date_gmt":"2023-05-16T13:23:35","guid":{"rendered":"https:\/\/www.complete-ltd.com\/?p=63487"},"modified":"2024-10-23T15:51:01","modified_gmt":"2024-10-23T15:51:01","slug":"investor-guide-manchester-rental-market","status":"publish","type":"post","link":"https:\/\/www.complete-ltd.com\/zh-hans\/investor-guide-manchester-rental-market\/","title":{"rendered":"Investor Guide: Manchester Rental Market"},"content":{"rendered":"

\u00a0<\/span>Your buy-to-let property guide to the areas and tenant profiles in Manchester.<\/span>\u00a0<\/span><\/p>\n

Learn about <\/span>forecasted rents, void periods<\/span> and what factors matter to tenants in 2022.<\/span>\u00a0<\/span><\/p>\n

\"Church<\/span><\/p>\n

Operating as one of the largest UK regional economies, second only to London, it\u2019s no surprise that Manchester is a highly sought-after buy-to-let property market.<\/span>\u00a0<\/span><\/p>\n

The city became the world\u2019s first industrialised metropolis during the 19th century and today has established a diverse and state-of-the-art economic base, attractive enough to draw in the likes of Google, HSBC and the BBC.<\/span>\u00a0<\/span><\/p>\n

Having cemented its reputation as the economic epicentre of the Northern Powerhouse, both global and regional talent has moved to Manchester in droves. The number of residents has grown from 851,780 in 2000 to 1,060,300 in 2021, with Oxford Economics forecasting it reach 1,136,280 residents by 2035.\u00a0<\/span>\u00a0<\/span><\/p>\n

All of whom need somewhere to live.<\/span>\u00a0<\/span><\/p>\n

\"Classic<\/p>\n

With the exceptional growth levels in population, housing supply has struggled to keep up with demand resulting in just 34% of the housing needs fulfilled over the past 9 years. These factors combined form a robust economic foundation for the investment case for Manchester\u2019s residential real estate.\u00a0<\/span>\u00a0<\/span><\/p>\n

But not all opportunities are created equal. And there are factors which make certain properties more successful investments than others. So, what exactly are tenants looking for and how can you improve your yield?<\/span>\u00a0<\/span><\/p>\n

Read on to learn about the most popular buy-to-let investment locations in Manchester and what tenants and features you need to consider for each.<\/span>\u00a0<\/span><\/p>\n

Manchester Rental Market Overview<\/span><\/b>\u00a0<\/span><\/p>\n

As one of the most diverse cities in the UK, it’s no surprise that Manchester\u2019s buy-to-let opportunities reflect that. Greater Manchester operates as a metropolitan county of 10 boroughs: Bolton, Bury, Oldham, Rochdale, Tameside, the City of Manchester, the City of Salford, Trafford, and Wigan. There are options to suit all budgets spread over several locations linked to the various employment hubs. You can find the home of creatives in MediaCityUK to the west, whilst slightly to the north is NOMA \u2013 housing Amazon, Deloitte and other large-scale corporations. Students congregate further south next to the award-winning universities, and anything further out is exceptionally well connected via the largest tram network in the UK.<\/span>\u00a0<\/span><\/p>\n

Buy-to-Let landlords continue to capitalise on the strength of the rental market in Manchester, as yields far outstrip London and South England. In city centre locations, the yields are typically lower while more affordable apartments are located in areas experiencing regeneration, where you\u2019ll find stronger yields. Manchester is the third most-visited city in the UK so short-term lets are an <\/span>option in developments where freeholders provide approval<\/span> and can significantly increase the yield, however they are more volatile so be cautious of your risk profile before opting for that avenue.\u00a0<\/span>\u00a0<\/span>\u00a0\u00a0<\/span><\/p>\n

Below are some of the most popular areas for investment in Manchester:<\/span>\u00a0<\/span><\/p>\n

Salford Quays (M50)<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

\"Salford<\/p>\n

Salford Quays boomed as a manufacturing hub during the industrial revolution. Today, having experienced significant regeneration, its better known as the home of MediaCityUK and offers a skyline of high-rise apartment blocks housing innovators and creative minds.<\/span>\u00a0<\/span><\/p>\n

Centred around a waterfront public realm area twice the size of London\u2019s Trafalgar Square, MediaCityUK has become a destination in its own right, attracting many London-based businesses such as BBC, ITV Studios, and SIS LIVE. The area of Salford Quays now has the UK\u2019s fastest-growing cyber ecosystem and attracts highly skilled talent from across the globe.<\/span>\u00a0<\/span><\/p>\n

Having already seen <\/span>\u00a3650 <\/span>million of investment into developing the area, it will further benefit from another <\/span>\u00a31 <\/span>billion in private investment, set to double the size of MediaCityUK. The masterplan is also to include the UK\u2019s largest private-rented sector to meet the area\u2019s enormous rental demand. The region is currently experiencing a boom and holds significant economic potential. MediaCityUK is solely responsible for 8,000 jobs with up to 30,000 people employed across the wider area of Salford Quays, with expectations for this to increase to 60,000 jobs by 2040.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Tenant Profile<\/span><\/b>\u00a0<\/span><\/p>\n

It is no surprise to buy-to-let investors that the most common tenant in this region would be a 30+ professional working in the Creative, Digital and Technology sectors. The average salary would typically be over \u00a340,000 and you\u2019d find strongest rental demand for one-bedroom \/ two-bedroom units. Sometimes the tenants would be couples but frequently they live alone.<\/span>\u00a0<\/span><\/p>\n

Housing Market<\/span><\/b>\u00a0<\/span><\/p>\n

The average sale price according to Zoopla over the past 5 years aggregating 112 apartments in Salford Quays was <\/span>\u00a3<\/span>216,846 (April 2022).<\/span><\/b>\u00a0<\/span><\/p>\n

M50<\/span><\/b>\u00a0<\/span><\/p>\n\n\n\n\n
Avg asking price<\/span><\/b>\u00a0<\/span><\/td>\nAvg rental yield<\/span><\/b>\u00a0<\/span><\/td>\nSales per month<\/span><\/b>\u00a0<\/span><\/td>\nAvg sold \u00a3\/sqft<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
\u00a3218,465<\/span>\u00a0<\/span><\/td>\n6.1%<\/span>\u00a0<\/span><\/td>\n5<\/span>\u00a0<\/span><\/td>\n\u00a3309<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: <\/span>https:\/\/propertydata.co.uk\/cities\/manchester<\/span><\/a>\u00a0<\/span><\/p>\n

\u00a0<\/span>Development Case Study: Rivergate in Salford Quays<\/span><\/b>\u00a0<\/span><\/p>\n