Manchester Business is Good for Rental Demand
Manchester is one of the UK’s largest and busiest cities, with over two and a half million calling the city home as of 2022.
With some of the best universities in the country, there is a growing population of young professionals graduating and remaining in Manchester, as well as many choosing to move to the city for the wide array of benefits it has to offer.
This has helped to boost the city’s business scene and is part of why there is significant rental demand in the first quarter of 2023.
In this blog, we’ll break down why Manchester’s business scene is thriving and how this is causing rental demand in the city to rise.
Let’s get into it!
Why Is Manchester’s Business Scene Thriving?
To put it simply, Manchester is in a perfect position to thrive in 2023.
- As the largest city in the North-West, Manchester is home to many major businesses that either have offices or headquarters in the area. The BBC, Adidas and Google are just some of the big names offering work in the Greater Manchester area.
- Thousands of new jobs are being created each year as more businesses choose Manchester. The digital bank Starling Bank recently announced it would create 1000 new jobs in Manchester by opening an office in the city, while 2,500 civil servants will be hosted at Manchester Hub.
- Because of these fantastic prospects, Manchester’s economy is set to be one of the fastest growing in the UK. A recent report predicts that Manchester will have the third-fastest growing economy between 2024-2026 when measured by Gross Value Added (GVA), coming in at 2.5%. Only Reading (2.7%) and London (2.6%).
These are just three of the reasons why Manchester’s business scene is thriving in 2023, but this doesn’t answer the question – why is it boosting rental demand in the area?
How Is Rental Demand Being Boosted by Manchester’s Business Scene?
Graduates are Staying in Manchester
Students who study in Manchester are far more likely to remain in the city compared to other cities around the UK.
Statistics from Manchester Metropolitan University indicate that over half of students who study in Manchester choose to live and work in the city after they graduate, thanks to the fantastic career opportunities that the city has to offer.
With such a high graduate retention rate, the rental market in Manchester is flooded every year with fresh young professionals who need places to live after their studies are complete.
Thousands of New Jobs Are Being Created
As mentioned earlier, thousands of new jobs are being created in Manchester across a variety of sectors.
In addition to what we’ve already written about, the Manchester-based PPE maker Globus Group recently announced it would create more than 600 jobs thanks to a £70 million loan from HSBC.
These are just a handful of companies creating new jobs in Manchester, and new jobs mean new workers coming to the area for fantastic opportunities. This will help to drive rental demand in Manchester, as more career opportunities will drive people to move to the city.
Invest in Manchester With RWInvest
Manchester is one of the UK’s most exciting property markets thanks to high demand, affordable prices and some of the best property developments in the country.
Here at RWInvest, we are experts in the Manchester housing market with over 18 years of experience in helping our clients achieve financial freedom through property investment.
If you are interested in seeing what investment opportunities we have in Manchester, why don’t you contact us today to learn more about how we can help you reach your financial goals?
Alternatively, we have lots of free information available here on our website, so if you want to learn more about topics like off-plan property investment or student property investment, try reading our free guides now!