Manchester’s rental market is booming with highest number of lets

Posted Dec 02, 2019
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Lettings Agency, Manchester Apartments, have achieved their highest number of lets ever. As of November 2019, 99.5% of 800 studio and 1-3-bedroom apartments in the Manchester Apartments portfolio have been let to students and professionals in Manchester. This is in comparison to 75% in the same period last year.

The Times’ and Sunday Times’ Good University Guide recently named The University of Manchester the University of the Year for Graduate Employment. This coincides with Manchester’s great student retention rate – outside London Manchester has the highest graduate retention rate in the UK. According to research from the Manchester Brain Drain, 51% of students from Manchester’s universities remain in the city after graduation. In addition to this, 57% of students from Manchester who left the city for their studies, returned to Manchester after graduation.

Manchester Apartments was created to cater for the high volumes of graduates choosing to remain in Manchester after graduation. Beech Properties, Manchester Apartments’ sister company, which started nearly 20 years ago by Stephen Beech provides students with accommodation during their studies.

Manchester Apartments’ prestigious portfolio of hi-spec and centrally located apartments has also proven attractive to an international audience, with 70% of tenants originating from outside the UK. From China to Saudi Arabia and our close European neighbours, international students and professionals are choosing to rent a home with Manchester Apartments. The high percentage of international professionals contributes massively towards Manchester’s global tech and media workforce, with employees from Amazon, Sky and Spotify choosing to reside in a Manchester Apartments property. Rental demand is higher than ever in Manchester.

Apartment in Manchester
Basil House, Manchester Apartments' most prestigious residential development to date

Despite recent changes in the current political climate, Brexit hasn’t dampened this area of the property market, especially in the North West. Jonathan Griffiths, Director of Property & Building Management at Manchester Apartments said: “Our professional in-house lettings team have coped exceptionally well with high demand and limited availability, providing accommodation for professionals across Manchester city centre. We have around 12,500 applicants every six months and, when we don’t have availability, those waiting for an apartment are added to a waiting list for future developments.

The Beech Group includes property developer Beech Holdings, lettings agency Manchester Apartments and Beech Properties. Developer Beech Holdings transforms unloved buildings in prime city centre locations into luxury accommodation for students and professionals in the city. In addition, Beech Holdings construct new-build residential developments in central Manchester, catering for the high demand of tenants wanting to live in the centre. Beech Holdings welcomes investors from all around the world to co-invest in their developments and the group works together in planning, developing and building the apartments to then let out and manage all in-house, providing renters with hi-spec living quarters and shared social spaces.

Manchester Apartments
Manchester Apartments' headquarters on Oxford Street

To cope with demand, Manchester Apartments has recently released four new developments to the market, which will be available to let from 2020. One of these developments is situated opposite University Academy 92 (UA92), a new university located in Old Trafford. Academy Apartments benefits from high specification design, fittings and space saving design elements. Manchester Apartments and Beech Holdings are working closely with Trafford Council on the project. Academy Apartments is being developed on the back of the great success of Westpoint, also in Old Trafford, and area that the company sees becoming an extension of the city centre. Westpoint consists of 317 apartments and is rented to students and professionals in Manchester. With shared social spaces, tenant events and an on-site gym, Westpoint is focused on building a community, ensuring that tenants get the most out of their time with Manchester Apartments.

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115 Princess Street, launching in 2020

Manchester Apartments’ latest central Manchester developments include 115 Princess Street and Waterloo Street as well as their development on Great Ancoats Street which comprises of 43 studio and one-bedroom apartments. Thanks to the growing popularity of Ancoats, Great Ancoats Street will be in high demand from both professionals and students in Manchester. Historically Ancoats was the thriving centre of the county’s cotton industry, with the architecture cementing the area’s industrious past. Today, Ancoats is the city centre neighbourhood that every twenty-something wants to live in, and it was recently hailed as Time Out Magazine’s 13th coolest neighbourhood in the world.

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