Demand for rental properties in Manchester has soared in recent years - and shows little sign of slowing down
It is less affordable to rent in Manchester than it is in some parts of Greater London, new figures have revealed.
The rent to income ratio in Manchester is at least eight percentage points higher than any of the surrounding Greater Manchester boroughs. Compared to elsewhere in the north, it is 11 points higher than Leeds, 12 higher than Newcastle, and 17 higher than Liverpool. Her previous flat, in Salford, had its rent increased by 50% during the past two years so she sought after a new property to rent. She said she had a good budget, an above-average salary for someone of her age, no pets, no children, and no parking requirements - but still struggled.
Managing director of Reside Manchester, Anthony Stankard, said he sees people coming into the office 'daily' to see what's new, agreeing that by the time rentals go online, they will already have dozens of viewings lined up. “Post pandemic, there has been a strong demand for rental properties, but increased costs for landlords mean some have chosen to sell, whilst sales prices have been high. This means that demand for rented property is very high, but the supply has been low and the increased mortgage rates and costs that many landlords are experiencing is forcing rents upwards."
He also blamed economic decisions laid out in September's mini-budget, which sent markets into turmoil and led to a 10% fall in the number of mortgage approvals during October, for causing an 'absolute meltdown' in the rental market, driving more and more people into renting.
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