That was the verdict of a widely followed social media influencer after a three month search. Manchester is not alone. A chronic lack of supply is driving a surge in rental prices across the UK.
Rental price growth has surged from 2% a year ago to 12.3% today according to Zoopla's latest rental report. Average rents now stand at £1.051, a rise of £115 over the last 12 months.
These figures apply to new tenancies only. Data from the ONS show an overall rise of 3.4% when renewals to existing tenancies are taken into account.
The pandemic bounce back continues
Successive lockdowns saw huge demand for larger homes in greener locations, increasing rental prices in rural areas. Now the pendulum has swung back, with urban areas seeing the strongest gains.
Flats over houses
Zoopla reports that the properties in greatest demand are new build flats in or close to major city centre, which they attribute to the economies they bring to renters. Almost all newly built properties achieve an EPC rating of B. Combined with their smaller size, energy bills are 40% lower than a typical house. Zoopla also point to the substantially lower travel costs.
The report suggests that the current levels of rental price growth will moderate during the rest of 2022 and into 2023. It makes the point that the rate of increase in London is unsustainable as the capital is rapidly reaching an affordability ceiling.