Increase in Build-to-Rent Property Coming To Manchester
Demand in the private rental sector has massively increased over the last decade. Manchester is the latest city to become actively involved in this boom. People are now preferring renting for longer periods of time rather than getting themselves on the property ladder straight away.
Renting offers a number of positives, such a flexibility if say, your job would change, and the freedom to move after a set amount of time if you so choose too. Many desire this freedom so much that the average age of owning a home has risen. Most now choose to settle into home ownership when they reach their 30’s.
Private rented schemes, otherwise known as PRS or build-to-rent is arriving to revolutionise the property market. Many cities are having entire property blocks built just to accommodate the demand and Manchester is seeing a very high demand. In the Manchester and Salford area, over 5,500 PRS apartments are currently being constructed according to a report by the British Property Federation at Savills.
These new construction results mean that Manchester provides the UK’s second highest commitment to the construction of new rental properties, only being pipped to first by London. Manchester’s popularity is continually rising and it is forever becoming a more desirable location to live in. This increase has been praised as a revolution in renting and will ease housing shortages in the city. The new properties will also allow for a greater level of long-term security for those who are hoping to obtain an extended lease and those who are seeking to improve the management of rental properties.
All this is expected to bring an elevated level of satisfaction for tenants, who can expect a rising standard of living throughout the market as a result of these new constructions. If more properties are being built, it means the rental prices of many apartments will stop increasing.
The increase in prices has been due to a shortage of rental properties over the previous years, the new ones will allow this increase to stop as more property will be available to those seeking it. This increase will allow more people to move to the ever desired city locations and the rental opportunities will present them with the opportunity to move on if they so choose too.