At the end of H1, the number of lets agreed for three-bedroom apartments overall was up 12.5% and in July, the number of lets agreed for three-bedroom apartments was up 25%.
With the data highlighting the huge surge in demand led by people who, after the first set of lockdowns, are choosing to co-habit so they don’t experience boredom and loneliness and can share the experience of city-centre living with others.
Another factor that has been driving this demand is cost. Again, those who may have chosen to live alone would previously have been paying £800pcm upwards for a 1 bed, plus bills. With a 3 bed, they can share the cost and reduce their individual outgoings. Finally, newly qualified doctors working in the same hospital are also looking to share as it’s easier for them.
With all this in mind, the JLL Lettings team in Manchester is expecting a continued surge in demand as more people return to the area following the recent lifting of Covid-19 restrictions.
Oliver Dolan, Director of JLL Residential Agency in Manchester, said: “The current lettings market in Manchester is booming and the city has certainly got its buzz back. The number of lets agreed in H1 of 2021 is up almost a fifth (18%) compared with H1 of last year and move in levels are over 10% higher than they were in H1 2020. The increase is predominantly being fuelled by those seeking a return to city-centre living, now that the majority of shops, bars and restaurants have re-opened. Even students who are still learning remotely are moving to Manchester to experience everything the city has to offer!
“One of the main things we have seen is that the number of tenants looking for three-bedroom properties has been growing significantly. Pre-pandemic, tenants were mainly searching for studio and one-bedroom properties that gave them their own space but still meant they could be close to Manchester’s city centre. Now, following the events of the last 18 months, tenants are keen to share their spaces with their friends again or move into shared spaces and make new friends.
“As the market continues to boom, we’re already beginning to see a shortage in available properties in some of the most popular areas in Manchester such as Castlefield, Ancoats, Media City and we anticipate a rise in rental values in the coming months.”
