The average rent for properties in the UK outside the capital have reached an all-time high of £1,172 per calendar month (pcm) according to Rightmove’s Q4 Rental Trends Tracker, with the average rent for a newly listed property in the market increasing by a staggering 9.7% in 2022.
Average rents have increased by 9.7% over the course of 2022 – the second largest year on record for rent growth – according to Rightmove’s recently released Q4 Rental Trends Tracker, with the average rental cost outside of London reaching £1,172pcm as competition between prospective tenants remains rife and the imbalance between supply and demand in the market is still extremely high.
The number of prospective tenants enquiring for rental properties is also up by 7% as demand continues to rise despite the market over the last 12 months providing little to no opportunity for tenants, and the existing demand continuing to outstrip the supply in the market. The number of available properties to rent in the market is also down by 38% compared to pre-pandemic levels while the number of people enquiring for a rental property is 53% higher, with the only way to bring down the imbalance of supply and demand in the market being a significant influx of new homes to rent coming to market.
“Letting agents are seeing extremely high volumes of tenant enquiries and dealing with tens of potential tenants for each available property.” Tim Bannister, Rightmove’s Director of Property Science.
At Beech Holdings we have experienced insatiable tenant demand for rental property in Manchester over the last year, with our in-house Lettings business, Manchester Apartments, experiencing an increase in demand by 19% in Q4 2022 alone and having already let 57% of our portfolio for the 2023/24 academic year at this point in the year – compared to just 27% this time last year with bookings also already being taken for the 2024/25 academic year.
With single occupancy apartments continuing to be the most popular type of property amongst our residents, it is no surprise to see the studio and one-bedroom apartments sell out the fastest in our portfolio, with one of our most popular buildings Brookland House already 56% let for next year and also having a renewal rate of an incredible 72%.
After experiencing such high demand for property in the vicinity, we have decided to develop a brand-new residential offering just across the road from our highly popular Brookland House development and have devoted ourselves to creating a never-seen-before offering in Salford Quays that is set to be the future of the UK rental market.
Built with the modern tenant in mind, City Co-Living MediaCity will provide residents with high-end, quality apartments with bespoke furniture and luxury finishings in a development purpose-built to consider resident welfare, wellbeing, and community.
With 5* amenities within the building, such as a state-of-the-art gym and fitness studio, private bookable dining rooms, a rooftop garden overlooking Media City, a resident’s lounge, media rooms, and more, City Co-Living MediaCity allows residents to enjoy their own space in a private, single-occupancy apartment with their own facilities, and the ability to use the on-site amenities as an extension of their own home.
To learn more about how you can benefit from the incredible tenant demand in Manchester and its surrounding area, get in touch with our expert property consultant team today.