Philip James were the best performing lettings agent in Manchester again between from 1st July 2022 to 30th September 2022. Out of the 3473 properties that were let in Manchester during that 3 month period, our team let 11% of them; We were 70 properties ahead of our nearest competitor. Click here to view the Rightmove stats.
According to the Rightmove Q3 data from their Rental Trends Tracker (July 2022 to September 2022), the National average asking rents outside of London have hit an all-time record high, sitting at £1162. The North West is averaging £987 which is an increase of 9.7%, and with the jump in mortgage rates for new first-time buyers it could mean some aspiring buyers stay renting for longer, which will place further strain on the number of available homes.
Our focus has been on trying to recruit more landlords so that we have more stock to rent, so if you are a landlord looking for an agent to manage your rentals then get in touch!
Contact Neil Ryder on 0161 434 5009 or email: firstname.lastname@example.org.
Manchester has seen annual rent increases of 20%
Given the Manchester’s popularity with both students and professionals, coupled with the number of homes available for rent, we have seen average rents increasing from £959 to £1157, that’s an annual change of 20.6%.
Competition for homes in the city was fierce over the summer with hundreds of enquires coming in for each property. Heading into December we do see rentals becoming slightly quieter, however, there will be an immediate spike in the new year as people resume their search.
Interestingly, studio flats have overtaken one-beds as the most in-demand flat type for renters, most likely due to stretched budgets and the returning popularity of City Centre living contributing to the shift. Rightmove have also reported that there are now four times as many tenants looking for a studio flat as there are studio flats available, a 71% increase on a year ago.
The impact from the cost of living crisis
With a lot of people putting purchasing homes on hold, paired with the cost in living rising, it is suspected that more and more people will be looking to continue renting for longer periods of time. At Philip James, our dedicated renewals team are reporting more tenants renewing their tenancies and staying in the properties for longer. In the last 12 months, tenancy renewals have increased from 56% to over 70% as renters look for continued security due to the current economic climate and being worried about not being able to secure another rental.
The outlook for 2023
We are expecting 2023 to be similar to 2022 in terms of volume of renters seeking properties. However, it’s likely that there will be less properties available to rent due to more tenants renewing their tenancies. For some, opting not to move will give them greater control and stability their finances as they the cost of monthly outgoings for food, utilities etc all continue to increase.
If you are a tenant looking for a rental property, please use property search to see the what we have available.