Manchester’s Private Rented Sector
Manchester, a thriving city with an estimated population growth of 20% by 2025 has been voted the best place to live in the UK for the second year running by the Global Livability Survey.
Bursting with young professionals, Manchester has 60% more 25-29 year olds than the UK average, which has impacted on PRS in the city and now accounts for 28% of all households.
Due to the increase of career prospects and a rise in population over the last decade, PRS in the city has grown by an astonishing 85% with plans to further invest by 40% by 2025.
In 2013, a strategy was implemented with the aim to provide the City with an average of 4,000 units per year in order to meet the rising demand. For the ambitious target to be met, it would mean that on average, 11 units would need to be completed each day for a whole year. With demand being so high, even 4,000 units wouldn’t be enough; Manchester now needs one new home every single hour.
Figures show that by 2022, demand will be at an all time high of 11,700 prime rental units and the built-to-rent sector is estimated to be worth £50billion. With 57,000 jobs created in Manchester since 2011, there is solid evidence that the need for housing is a necessity. Supply must meet demand and judging industry reports and the City’s activity, it seems that it is unlikely to slow down any time soon.