Research from JLL shows that Manchester rents have surged this past year, surpassing the national average rental growth of 14%.
JLL’s Big Six Residential Development Report looks at how prices and rents have changed in Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester.
Manchester, with its 19.6% annual rental growth has the highest rent increases among the Big Six. It is followed in this closely by Edinburgh, which has seen rents grow by 18%, and Birmingham, which reports a 17.9% increase.
Your average Manchester one-bedroom home is £1,225 a month, according to JLL. A two-bedroom home is £1,600 a month and a three-bedroom one is £2,200 a month.
Meanwhile, home prices in Manchester have an annual growth of 4.9%. The average price for a one-bedroom home is £223,500. A two-bedroom residence is £309,000 and a three-bedroom one is £374,000.
The increase in prices is credited towards a growing population and shrinking supply. Manchester has increased its population by 9.7% over the past decade, according to JLL. People are lured to the city due to increasing employment opportunities – those figures JLL reports as increasing by 28%.
“Manchester continues to attract a significant amount of inward investment, students and young professionals, looking to make the city their home,” said JLL’s Steve Hogg, the head of UK residential regions and North West.
