Manchester property rents continue to climb as a result of undersupply

Despite economic uncertainties, Manchester's property market has proven to be a standout performer, consistently outpacing the national average over the past year. According to the latest findings from Urbanbubble's rental monitor, 2024 continues to showcase the city's robust performance, with rents steadily increasing across various property types.

Driving this momentum is a stark supply-demand imbalance. Currently, there are only 878 apartments available for rent throughout the entire city, representing a dramatic 67% decrease from 2020 levels. This scarcity is further exacerbated by construction rates, which indicate a continued shortage of available properties. With just 15,292 properties in the construction pipeline—a decrease from the previous year—the prospects for meeting rental demand appear increasingly challenging.

Despite expectations of a quieter rental period, January 2024 saw a surprising uptick in leasing activity, with over 450 properties secured—a notable 11% increase compared to the previous year. This surge in demand underscores the pressing need for more rental options in Manchester.

As the rental market tightens and competition intensifies, rents are poised to climb further, making investment properties in Manchester even more appealing. The city's resilience and consistent growth trajectory underscore its status as a lucrative investment destination amidst evolving economic conditions.