Across the UK, the gap between levels of housing market supply and demand has been at its widest in 10 years. The available supply of Manchester rental market property is now fewer than 500 for the first time ever, according to reports from Urbanbubble.
The property manager found that there are now only 427 apartments currently available for rent in the city, which it says is the lowest number on record.
Covering Ancoats, Hulme, Ardwick, Strangeways, Central Salford, Old Trafford, and Salford Quays, the report found that 9,200 homes were built in the Manchester rental market since the start of 2020, with most now at full occupancy.
In Q3 of 2021 alone, over 2,750 lettings occurred in Manchester, a significant 10.3% higher than Q3 2019.
This dwindling supply of rental property comes after a continued hike in rent prices in the area. The same report finds that the average rent for studio and two-bedroom apartments has increased by 6% in the last three months.
The percentage increase was even higher in build-to-rent schemes, where three-bedroom apartments saw rental values rise by 14%.
With most of the Manchester rental market appetite focused on the city centre, Urbanbubble claims, the average time for a rental apartment to spend on the market is now just 45 days.
The report has been welcomed by many investors in the Manchester rental market, with over 16,000 apartments under construction in the city and a further 1,700 awaiting planning permission.