Relocating to Manchester: the lettings market

Although Manchester is not England’s second city on paper, it is a major hub outside of London.

The city is located in the North West of the country, and has a rich industrial heritage that was centred around its canal system and textile trade. Today, Manchester is a thriving metropolis boasting the Museum of Science & Industry, Salford Quays and The Lowry cultural centre. In fact, art, culture, tourism and sport reportedly provide 16% of employment opportunities in the Greater Manchester area.

 

The industrial period has left a wonderful legacy - a plethora of warehouses that have been converted into apartments and office space, complemented by a number listed buildings and shiny new blocks that are catering for a growing residential and business market in Manchester. 

It’s no surprise that Manchester’s rental market is booming. Everyday lets are influenced by demand from the city’s huge student and young professional population - drawn in by the job opportunities, plethora of universities and a social scene to rival London.

Such is the desire to live in and around the city that the Government announced a multimillion pound deal to built 800 homes specifically for private rent in the Great Manchester area, as part of the wider Build to Rent initiative. Martina Harrison at estate agents Jordan Fyshwick, commented in the Manchester Evening News on the average rent paid by big companies relocating staff. She said blue chip firms were paying between £4,000 and £6,000 per month to house executives. Interestingly, she said the rental market peaks twice a year in line with the football transfer window - with players from Manchester United and Manchester City encouraging lets with monthly rents up to £12,000 to find their way to market.

There is, however, a stunning choice of properties to rent in Manchester city for non Premier League stars. One of the premier addresses is No.1 Deansgate - where the best apartments command rents of £5,5000 pcm. Other addresses of note include The Ice Plant building on Blossom Street, Salford Quays, the Castlegate enclave, the Great Northern Tower and Tuscany House on Dickinson Street. 

While the inner city neighbourhoods provide a central location close to transport links, bars and restaurants, Manchester’s fringes also provide fantastic family locations. Burnage, Didsbury Village, Levenshulme, Withington, Chorlton, Wilmslow and Altrincham all provide commuter and family friendly environments less than ten miles from Manchester city centre.

When budgeting for rentals in Manchester city, it’s worth noting that apartments are generally more expensive to rent than houses. Zoopla’s latest rental statistics for the city has the following breakdown: one-bedroom flat versus one-bedroom house - £536pcm v. £393pcm; two-bedroom flat versus two-bedroom house - £822pcm v. £601pcm; three-bedroom flat versus three-bedroom house - £1,353pcm v. £830pcm and a four-bedroom flat versus four-bedroom house - £1,576pcm v. £1,084pcm.

Keir Jones at destination service provider ARPM Relocation says Manchester has allure on a par with London: “Our relationships with Manchester letting agents has taught us that it’s a fast-paced market with plenty of professionals relocating to the city. Central apartments move very quickly but there’s a growing desire to live in the well-connected Manchester suburbs too. Speed is of the essence, especially when relocates will be competing against young Manchester professionals for rental accommodation.”

If you'd like more advice on understanding Manchester and its lettings market, contact ARPM Relocation today.

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