Manchester continues to be THE place to live with 7,000 new jobs created in the last year. One of the reasons for the continued success of the letting market in Manchester is the young demographic of the city, with 45% being under the age of 35. However, there are different sides to the story of lettings in Manchester.
Over the last year the rents in South Manchester have been strong and, in some cases, have increased between 3% and 5%. This is because many renters have been requiring houses with outdoor space. With apartments, this has created a surge in demand for apartments with balconies. In this buoyant market Philip James are number one agent in the area, letting 181 properties in the past three months. Which is also double our nearest competitor and a 9.3% market share.
Manchester City Centre
With an approx 5,000 PRS (Private Rented Sector) apartments in the pipeline for Manchester City Centre, the sector is projected to grow substantially over the next five years. As such we have seen rents hold at the same rates of last year. However, in some cases landlords have taken a reduction to secure a tenant. Philip James have monitored the market and our City Centre portfolio very closely and advised our landlords accordingly to make sure we are letting properties at the best rate and with as little void period as possible. In the City Centre we currently only have 6 empty properties and we are letting properties with a 12 day void period compared to the market norm of 36 days.
What do Philip James offer?
To keep Philip James at the forefront of both these markets we have invested in a cutting edge, bespoke lettings software. This has allowed us to restructure and streamline our lettings department to offer a better, more efficient service to both tenants and landlord. We have also seen a huge increase in the number of tenants securing properties from video tours alone. As such Philip James have utilised premium video equipment as well as specialist training for our property negotiators to make sure each property is presented in the best possible light online and on social media.
We are now the number one agent in both South Manchester and the City Centre: