Why the Manchester Rental Market is Thriving Post COVID-19
Despite many businesses across the UK reporting a fall in activity due to Covid-19, the Manchester rental market is thriving.
In lieu of the market-facing setbacks such as the temporary banning of face-to-face viewings as well as a fall in the number of international students choosing to move to Manchester amidst the ongoing pandemic, extra precautions have been put in place to help renters feel more secure.
Many tenancies are now offering 6-month rentals as opposed to 12-month rentals, allowing for more flexibility for both renters and landlords in the upcoming months. Rent guarantees also add an extra layer of security for more wary landlords.
With the Manchester rental market remaining largely unaffected by the pandemic, what can be predicted for the market going forward?
Continued Uncertainty Surrounding Covid-19
Despite the UK housing market enjoying a mini-boom since re-opening post lockdown and the government having temporarily cut stamp duty, economic uncertainty and tight mortgage restrictions by banks may see a lot of people choosing to rent as opposed to buying in the coming months, as was the case during the 2008 recession.
Increasing Number of ‘Community Living’ Developments
Pre-COVID forecasts pegged 2020 to be a record-breaking year for Manchester rentals* with new developments planned for the city’s most popular new areas like Ancoats, New Islington, the Green Quarter and more.
You only need to look at the number of cranes scattering Manchester’s ever-growing skyline to see just how many new developments are planned for the next few years, and while the country adapts to a new way of living post-pandemic renters’ key requirements will shift also.
Luxury living no longer just involves a stylish apartment, it requires all the amenities that come with it. With flexible shifts and working from home becoming the new norm, buildings with co-working spaces, resident lounges, fitness facilities and rooftop gardens are sure to be more in demand than ever before.
A Growing Population
Manchester’s city centre population has been predicted to dramatically increase over the next few years from 60,000 to 100,000 by 2025*.
In summer 2019, there was a 117% spike in people choosing to move to Manchester alone.
This surge in popularity is fuelled mostly by the ever-growing number of job opportunities in the city as more and more big businesses are choosing to open or move offices to the city centre. Amazon hit the headlines earlier this year when they chose Manchester to open their first corporate office outside of London in the Northern Quarter’s Hanover Building, creating over 600 jobs.
With the city centre growing in popularity and population, a new wave of renters are sure to increase demand for more and more rental developments across the city to ensure that supply meets demand.
What do you think of our predictions for Manchester’s rental market in the next few years?
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