Exploring Rent Prices in Manchester

In the bustling city of Manchester UK, rental properties are experiencing a remarkable surge in demand and profitability, making it an appealing prospect for landlords. From the vibrant city centre to the more affordable surrounding neighborhoods, the rental market in Manchester is witnessing significant growth and development. This guide aims to provide valuable insights into the average monthly rent in Manchester, covering market trends, city centre rentals, and accommodations for students.

Manchester stands as a thriving university city, attracting a vast number of students each year. What sets it apart is the high percentage of graduates who choose to stay in the city after completing their studies, as highlighted by the 2019 Great British Brain Drain report, with 51 percent of students opting to build their careers in Manchester. Additionally, the city’s favorable reputation among young families adds to its appeal as an investment hotspot.

The Rise of Manchester’s Popularity: A Thriving Property Market

For years, Manchester city centre has remained a top choice for property investors and people who wants to get a foot on the property ladder in the northern region. However, in the wake of the coronavirus pandemic, the demand for buy-to-let properties in Manchester has skyrocketed as the city demonstrated its economic resilience. While other housing markets faced challenges, Manchester’s property market flourished.

The continuous influx of companies establishing offices in Manchester has played a significant role in driving up the demand for high-quality rental properties. Consequently, this surge in demand has resulted in increased rental yields for landlords operating in the area.

Interestingly, it’s not only job seekers who contribute to the rental demand in Manchester. The rise of hybrid working, a blend of remote and office-based work, has brought about a new wave of tenants. Manchester’s excellent travel links to London have enabled individuals to relocate from the capital to the city centre while still holding their jobs in London. This trend highlights the attractiveness of Manchester as a residential destination, offering the best of both worlds for those seeking career opportunities in London but desiring the vibrant lifestyle and lower living costs that Manchester has to offer.

What’s the average rent in Manchester?

The borough of Manchester has consistently had higher rent prices compared to other areas in the region, primarily driven by the rising cost of renting flats or apartments in the city centre.

However, the average rent costs in Manchester have recently become even more exorbitant, experiencing a significant surge of £656 per month since June 2022.

Presently, the average monthly rent in Manchester stands at £1,600, marking a considerable increase from £944 just six months ago.

Rent prices have seen a significant surge not only in Manchester city centre but also across the entirety of Greater Manchester. The statistics speak for themselves, as rent costs in each of the region’s ten boroughs have experienced a notable climb in the past six months, showcasing a substantial increase compared to June 2022.

By analyzing the most recent data provided by Zoopla’s rental market report, we can gain insights into the current rental prices in each area of Greater Manchester and compare them to the figures recorded six months ago. The difference in rental costs is striking, emphasizing the substantial changes that have occurred in a relatively short span of time.

The data presented reflects the average monthly rent for all types of properties within each borough. This comprehensive overview allows us to grasp the overall rental landscape in Greater Manchester and understand the extent of the changes that have taken place in recent months.

Property Rents in Manchester by Number of Bedrooms

One bedroom property – £1,166 pcm

Two bedroom property – £1,467 pcm£

Three bedrooms property – £1,937

Four bedrooms property – £2,058 pcm

Five bedrooms property – £2,952 pcm

Rochdale

Rochdale, at present, holds the distinction of being the most affordable borough for renting a home in Greater Manchester, with an average monthly rent cost of £800.

Comparing this figure to data from June 2022, it is evident that Rochdale has experienced an increase in rental prices. Six months ago, Rochdale stood as the second most affordable borough, with an average rent cost of £634. Consequently, there has been a notable rise of £166 in the past six months, reflecting the changing rental landscape in Rochdale.

Bolton

Currently, Bolton holds the position as the second most affordable area for rent costs in Greater Manchester. However, it is important to note that this does not imply a decrease in prices compared to June 2022.

In June 2022, Bolton was already recognized as the third most affordable area for rental properties, with an average rent cost of £641. Nevertheless, there has been a significant increase of £259 in the past six months, bringing the average monthly rent in Bolton to £900. These figures highlight the upward trajectory of rental prices in Bolton during this time period.

Tameside

Tameside, there has been a substantial rise in rent costs, with an increase of £212 per month since June 2022.

Just six months ago, the average monthly rent in the borough stood at £688. However, the current average rent in Tameside has climbed to £900 per month. This significant jump in rental prices indicates the evolving rental landscape and growing demand for properties in Tameside.

Wigan

Over the past six months, Wigan has experienced a remarkable surge in rent costs, resulting in the borough no longer being regarded as an affordable option for renting. first street

From the previous year, Wigan held the distinction of being the most inexpensive area in the region to rent, with an average monthly rent cost of £606. However, there has been a substantial increase of £494 per month since then, bringing the average rent in the borough to £1,100. This significant rise in rental prices underscores the changing dynamics of the rental market in Wigan and the growing financial challenge for prospective tenants in the area.

Stockport

Stockport has witnessed a notable shift in rent costs over the past six months, positioning it as a less affordable borough for renting.

In June 2022, Stockport was considered a relatively affordable area, with an average monthly rent cost of £712. However, there has been a significant increase since then, amounting to £312 per month. As a result, the current average rent in Stockport stands at £1,024 per month. This substantial rise in rental prices indicates the evolving rental landscape and the growing financial burden on tenants seeking accommodation in Stockport.

Salford

Salford has experienced a significant surge in rent costs over the past six months, resulting in a substantial increase in average prices.

Just six months ago, the average monthly rent for letting a property in Salford was around £864. However, due to the soaring rental market, this figure has now skyrocketed to £1,300. This represents a considerable rise of £436 since June last year. The substantial increase in rent costs emphasizes the evolving dynamics of the rental market in Salford, posing a greater financial challenge for individuals seeking accommodation in the area.

Trafford

Trafford has long held the reputation as the priciest area in Greater Manchester for purchasing a house, and until June 2022, it also held the title for the highest rental costs within the boroughs.

However, upon examining the most recent rent prices, Trafford has slipped down to become the fourth most expensive borough in terms of rental expenses, being surpassed by other regions.

In June 2022, the average monthly rent in Trafford amounted to £946. Nevertheless, there has been a significant increase of £454 in the last six months, bringing the average rent in the borough to an astonishing £1,400 per month.

This substantial rise in rental prices highlights the evolving rental landscape in Trafford and the growing financial burden for tenants seeking accommodation in the area.

Manchester

Rent prices in the borough of Manchester have consistently remained significantly higher than other areas in the region, primarily due to the escalating costs associated with renting flats or apartments in the city centre.

However, the average rents cost in Manchester have reached new heights, experiencing a staggering increase of £656 per month since June last year.

Presently, the average rent in Manchester stands at £1,600 per month, a significant surge from the £944 recorded just six months ago. This substantial rise in rental prices highlights the evolving rental landscape in Manchester and presents a greater financial challenge for individuals seeking housing in the area.

Oldham

Oldham has witnessed a remarkable and unexpected development with rent costs surging by an astounding £1,156 per month.

Just six months ago, Oldham occupied a more affordable position in the rental market, with the average monthly cost for a property amounting to £644. However, there has been an unprecedented leap, and the current average rents in Oldham has escalated to £1,800 per month.

As a result, Oldham has now become one of the most expensive areas in the region in terms of rental expenses. This substantial increase underscores the evolving rental properties landscape in Oldham and presents a significant financial challenge for individuals seeking accommodation in the area.

Piccadilly Basin

The Piccadilly Basin area has seen remarkable growth in terms of house price over the last few years. In June 2022, the average monthly rent for a property in this region totalled £1,636 per month.

This marks an impressive increase of £435 from just six months ago and highlights the booming property market in this area.

Such a notable increase demonstrates the significant demand for housing in Piccadilly Basin and further emphasizes the growing financial burden faced by individuals seeking accommodation in this region.

The most expensive neighbourhood in Manchester

The Owen Street neighbourhood in Manchester is the most expensive area in Greater Manchester when it comes to rent costs. On average, monthly rents for properties in this region amount to £2,000 per month.

This represents a substantial rise of £756 from the prices recorded six months ago. Such an increase emphasizes the ever-evolving rental landscape and the increasing financial burden faced by renters in Manchester.

First Street in Manchester also follows as one of the most expensive areas to rent a property, with average monthly rents amounting to £1,944 per month. This marks an increase of £591 since June last year and underscores the escalating dynamics of rental properties within Greater Manchester.

House Price Growth in Greater Manchester

Recent data from the National Landlords Association (NLA) using Hometrack data revealed that Greater Manchester, along with Edinburgh, Leicester, and Birmingham, defied the national trend by experiencing a cumulative house price growth of over 15% since 2017.

Furthermore, Aldermore Bank’s analysis, conducted in December 2019, positioned Manchester as the third best place for landlord investment.

This prominent retail bank assessed various factors including average total rent, short-term returns through yield, long-term return through house price growth over ten years, the proportion of vacancies in relation to total housing stock, and the percentage of the city population engaged in the rental market.

Among the 25 listed cities, Manchester secured the second position, trailing behind Oxford but surpassing Edinburgh. London claimed the fourth spot due to higher property prices affecting annual rental yields, while Liverpool landed at a considerably lower rank of 17th.