The rate of increase in rents across the UK last year was at the highest level for the last decade according to property portal, Zoopla, with the average rents increasing by a staggering £120 in the last year alone – an average of an additional £10 per month – to reach an all-time high.
According to property portal, Zoopla, rents across the UK rose at their fastest ever rates throughout 2022 with the average UK rent now 11.5% higher than it was the year previous, and having increased by a record £120 in just 12 months – with Manchester rents increasing the most outside of the capital, and being the only city in England outside of London where rents increased above the average.
Average rents in Manchester over the last year increased by an incredible 14.8%, bringing the average cost per month to £977 – £126 more than at the end of 2021, with rents inside Manchester city centre, Salford, and Trafford increasing at the fastest rate in the whole of the North of England.
Across the city centre, Salford, and Trafford, Zoopla reports that average rents have increased by a record £140 over the last year, beating out Manchester’s total average by an additional £14, with record-high increases in the price of new lets throughout the city.
At Beech Holdings we know better than most how in-demand rental properties are within Manchester, Salford, and Trafford, after our in-house Lettings team let our entire portfolio last year with a 100% occupancy rate and 65% renewal rate across our developments across the city, while also reaching 60% occupancy for this year, and even taking bookings for the following 2024/25 academic year.
With multiple buildings across Manchester, Salford, and Trafford, we have witnessed the insatiable demand for rental properties in these local hotspots, and as part of our dedication to continue to regenerate the city and its surrounding areas, we have recently announced our brand-new residential development in Salford, City Co-Living MediaCity, which will see the area receive an additional 120 units upon completion in 2024.
Our development team have also recently progressed to the next phase for our proposed residential development in Trafford, just opposite our 100% occupied co-living development, Westpoint, with an application to Trafford Council to demolish the disused filling station at 499 Chester Road having been submitted.
“Our aim with this site is to further enhance and add to the redevelopment of the increasingly popular area of the Chester Road corridor. This scheme will not only provide much-needed quality homes in an area of huge undersupply, but our long-term operation of the building means the development will create jobs for local people.” Stephen Beech, CEO of Beech Holdings.
To learn more about our upcoming investment opportunities in Manchester’s hotspots where rental demand is at an all-time high, get in touch with our expert team today.