Recently Rightmove released their breakdown of the UK rental market for Quarter 1 of 2022,
Some of the key rental statistics for Manchester were:
- Manchester has been identified as one of Rightmove’s top 5 hotspots with an increase in asking rent of 19.3%
- This 19.3% increase in average asking rent has seen the average in Manchester rise from £894 pcm in Q1 of 2021 to £1,067 in Q1 of 2022
- The North West as a whole as seen an increase of 12.8% in average asking rent compared to Q1 of 2021 with an average asking rent of £937 for the region
- In the North West average landlord yield in Q1 of 2022 is 5.9% which is a 0.6% annual decrease but has it as the 3rd highest regional average behind the North East (6.2%) and Scotland (6.7%), whilst also being higher than Great Britain’s overall average of 5%
Some key stats relating to England’s rental market are:
- National average asking rent outside of London has reach a new record high of £1,088 per calendar month (pcm) which is an increase of 10.8% from last years average of £982 pcm
- Overall average rents have increased 15% over the course of the last 2 years from when the COVID-19 pandemic begun
- Rightmove statistics show that rental demand has increased by 6% over the last year coinciding with a 50% decrease in available properties
- March did see an increase in available properties as it saw 5% increase compared to January and a 16% increase compared to February.