Manchester’s average monthly rent skyrocketed to £1,241 in July 2024, representing a 12.5% increase from last year. This surge positions Manchester as one of the UK’s most dynamic rental markets, attracting savvy property investors nationwide.
You’ll find a diverse range of options in this vibrant city, from sleek city-centre apartments commanding £1,500+ per month to more affordable suburban properties hovering around £800. Whether you’re considering your first foray into the Manchester property scene or expanding your existing portfolio, understanding these rental trends is crucial.
In this article, we delve into the factors driving Manchester’s rental market and explore the property investment opportunities that await you in this thriving Northern powerhouse.
Average Rent in Manchester by Property Type
When considering the average rent in Manchester in 2024, it’s important to look at different property types:
- For those seeking compact living spaces, studio apartments in Manchester cost between £800 and £1,350 per month, offering an affordable option for singles or young professionals.
- Moving up in size, one-bedroom apartments in Manchester cost around £900 to £1,600 monthly, providing more space at a slightly higher price point.
These figures reflect the current Manchester rent prices trend as of September 2024. If we consider property location, the average price further differs significantly depending on the neighbourhood, as we’ll observe below.
Average Rent in Manchester by Location
Average Rent in Manchester by Location (2) (1)
The average rent in Manchester varies significantly depending on the specific location within the city. According to recent data, the average rent in Manchester is £1,183 per month, with apartments averaging 863 square feet. This figure aligns closely with the average rent in Manchester city centre, which stands at £1,222 monthly.
Affordable vs. Expensive Neighbourhoods
For those seeking more budget-friendly options, Greater Manchester neighbourhoods like Wigan, Oldham, and Tameside offer affordable rent options below £1,000. In contrast, areas such as Manchester city centre, Deansgate, Castlefield, and Spinningfields with higher employment and education opportunities command higher rents, with Spinningfields averaging about £1,728 monthly.
Popular Areas and Student Housing
Northern Quarter remains a highly sought-after location, with an average rent of £1,313 per month. This area is particularly popular among young professionals and students. Although the average rent in Manchester for students can vary, many find affordable options in areas like Ancoats and Didsbury, where rents range from £1,148 to £2,349 per month.
With affordable rental prices and lower availability, now is the best time to invest in the Manchester rental properties market for the best returns. We’ll wrap up by exploring the type of property to purchase for maximum profitability.
How to Profit From Manchester’s Property Market?
The UK’s housing crisis means getting an affordable apartment is more tedious than ever. However, Manchester remains a top major city with a relatively affordable average rent price compared to London, Cambridge, and Oxford. You can take advantage of this opportunity to diversify your investment portfolio in a city that offers high rental yield.
Investing in Buy-to-Let Properties
Investing in Buy to Let Properties (1)
Manchester’s thriving housing market presents an excellent opportunity for investors seeking strong returns. With the average rent in Manchester per month increasing by 20% in 2022 and rental yields reaching 5.1%, the city offers compelling buy-to-let (BTL) investment potential over the long term.
Identifying profitable UK residential regions is essential to making the most of your investment. Baron & Cabot specialises in helping investors identify the most profitable locations in Manchester and other UK cities. With our extensive market knowledge and robust due diligence process, we can guide you towards properties that offer the best potential for both rental income and capital appreciation.
Are you interested in learning more about investment opportunities in Manchester? Contact the B&C team today!
Frequently Asked Questions
Is it expensive to rent in Manchester?
Renting in Manchester is relatively affordable for a major city. The median rent is £1,415 per month, varying depending on the property type and size. The average rent in Manchester for a 1-bed flat is around £1,175 per month, while a three-bedroom property costs about £1,750 monthly.
What is the average living cost in Manchester?
The average living cost in Manchester ranges from £500 to £1,200 per month. Accommodation typically costs £480 to £800, food and incidentals £160 to £400, and social activities up to £150 monthly.
Is it hard to rent in Manchester?
Yes, renting in Manchester has become more challenging due to rising interest rates and high demand. Rental prices have surged by 29% since 2020, making it harder for tenants to find affordable housing. On the plus side, this trend is a plus for property investors who position themselves for success in the Manchester housing market.
Conclusion
As you consider investing in the property market of the UK’s second city, keep these rental trends in mind. While the average rent in Manchester has increased, the city still offers more affordable options compared to the North West.
The diverse neighbourhoods and strong tenant demand make Manchester an attractive choice for property investors. Stay informed about local market conditions, upcoming developments, and changes in tenant preferences to maximise your investment potential.
Above all, you need to strategically pick an investment location to enjoy the most returns. Ready to explore investment opportunities in Manchester? Contact us at Baron & Cabot today for expert guidance on maximising your property investments.
Disclaimer: Any information provided by Baron & Cabot does not constitute financial advice and is for educational purposes only.
