In July 2019, there was a 117% spike in the number of tenants moving into Manchester city-centre apartments. This is fuelled by Manchester’s appeal to young workers with relatively affordable rents compared to the region around the capital. 

With sustained economic and employment growth, the city has become a desirable place to live and work. Now, property developers are focusing on build-to-rent apartments in the city centre to drive up yields and promote higher profits. 

Manchester-based agency Ascend recently revealed they have taken over the management of almost 1,000 properties in a build-to-rent fund’s portfolio. These developments comprise two, three, and four-bedroom houses across Liverpool and Manchester. However, build-to-rent in Manchester city centre is focused on city-centre apartments appealing to young professionals. 

In August 2019, contractor Sisk started a two-year build project. It’s a 213-home scheme in New Islington with a mix of five, six, and ten-storey blocks appearing on a cleared site, formerly home to Ancoats Hospital. The development results from a partnership between Manchester Life, Manchester City Council, and Manchester City FC owners Abu Dhabi United Group. It includes 209 apartments and four duplex houses, along with four commercial units on the ground floor. 

This development aims to provide private renters with residential amenities such as a gym and juice bar, set around a courtyard. After a £24.5 million loan from the Greater Manchester Housing Investment Loans Fund, the development could be completed as early as 2021. This development comes after the recent completion of another Manchester Life development - a 201-home apartment block in partnership with Abu Dhabi United Group and Manchester City Council. 

With residential property booming in Manchester, the need for new developments is growing to keep rent prices stable. The demand for residential property comes from the growing appeal of northern cities in England. Manchester, in particular, has a lot to offer. 

London has long been the graduate go-to. However, high rent prices are forcing many young workers to look for opportunities elsewhere to save their income being decimated by rent payments. Manchester hosts perfect opportunities with a growing number of businesses. It also has plenty of cultural factors which make the city an excellent place for build-to-rent developments. 

Manchester is home to world-class football teams, international music events, festivals, excellent clubs, bars, and restaurants, and has great transport links to the rest of the North. This includes the Lake District, Peak District, North Wales, and other big cities like Liverpool, Birmingham, and Leeds. And, with the potential arrival of HS2, Manchester will connect residents with the South and London within two hours, allowing people to work further afield but take advantage of Manchester’s city life.

Build-to-rent business is booming across the North of England where there is the perfect combination of residential demand, economic growth, and entertainment. Manchester isn’t the only place growing at great rates. Liverpool, Birmingham, and Leeds all host great opportunities for the build-to-rent sector as some of the UK’s fastest-growing cities.