Manchester rent rates hold firm as city’s housing market proves resilient to pandemic
The Vesper Group has revealed that rent rates in Manchester are proving one of the most resistant to the pandemic in the UK.
The property services company has seen average rates drop by just 5% since the beginning of the first lockdown. The Group reports that the trend is being driven by the city’s ready supply of more spacious and desirable properties, which better allows people to work from home. In addition, long-term house price growth continues to be forecast and the city is home to one of the largest rental markets in all of the UK, with private renters making up over 30% of the population.
On the other hand, prime central London rents continue to fall due to the ongoing student exodus and corporate relocations.
The Group highlighted the value-for-money in the market by comparing the price and rental yield of available flats in Manchester and London. A studio flat in Chelsea, currently available for £325,000, generates £950 per month in rent, whereas a one-bedroom flat in Manchester, available for £202,000, yields £1,000 per month.
James Cameron, Vesper Group director, said: “At present the Manchester rental market is proving relatively immune to the pandemic, which demonstrates the area’s economic resilience. In contrast, London is counting the cost of a more transient workforce and population.
“While there’s never room for complacency in the market, especially at present, these figures suggest that demand in Manchester in particular will hold steady for the foreseeable future.”
The Vesper Group, previously Vesper Homes, has offices across the UK and overseas including in London, Manchester, Birmingham, Singapore and the Middle East. It offers a wide variety of property services within the residential sector, including sales and lettings, new homes, and property and block management.
Example Manchester properties, starting at £202,000 and available as buy-to-let, can be viewed here.
