With just 500 available apartments and enquiries running into thousands per week, central Manchester could run out of rental stock by year end.
A decade ago, doomsayers were predicting a glut of supply and a crash in Manchester's rental market. Things have turned out very differently. In it's quarterly report, property manager Urbanbubble shows that the city's demand is not just thriving - it is breaking records.
Their report covers the city centre core, a number of adjacent districts plus Old Trafford and Salford Quays. In that entire area, there were just 427 apartments available to rent at the end of September with enquiries reaching levels they have not seen before.
Across our Local Lettings portfolio, a brand of Urbanbubble, we were receiving more than 1000 enquiries per week, hundreds for individual homes, an amount not even the best of us could have predicted.
Fellow lettings manager Manchester Apartments also reports record demand, fielding 10,000 enquiries in September alone.
September is always peak month in university cities and this year has been no different with student applications particularly high from China, Saudi Arabia and Malaysia as well as the rest of the UK. However, these do not fully account for the high level of rental applications.
The easing of pandemic restrictions has led to a large number of people returning to the city centre. “Young professionals are seemingly tired of living out of the city and are returning, in huge numbers, because they want to be near, and involved in, the ‘buzz’ a city has to offer,” said Urbanbubble.
Manchester's city centre market is also being driven by by it's high graduate retention rate. More than half of students remain in the city after graduation, second only to London, putting additional pressure on demand. Many are drawn to the rapidly growing financial, digital, and business services sectors.
Enquiries this year are not just from students.
Urbanbubble and Manchester Apartments agree on the property type seeing the greatest demand. Apartments. Well located. High quality. Furnished.