The property rental market in the North West of England has undergone significant changes over the past few years, with fluctuations in demand and supply, as well as the impact of COVID-19. In this blog post, we will examine the current status of the property rental market in the region.
The North West of England includes cities such as Manchester, Liverpool, and Preston, as well as surrounding towns and rural areas. These areas have seen a surge in demand for rental properties, primarily due to the growth of the region's economy, a thriving student population, and increased investment in infrastructure.
According to recent data, the average monthly rent for a one-bedroom property in Manchester is around £750, while a two-bedroom property costs around £950 per month. Liverpool, on the other hand, has an average rent of £650 for a one-bedroom property and £800 for a two-bedroom property.
One of the main drivers of demand in the rental market is the large student population in the region. Manchester and Liverpool are home to several prestigious universities, and many students prefer to live in rental accommodation rather than university halls. This has led to increased demand for student-friendly properties, such as apartments or houses close to campuses or with good transport links.
In addition to the student population, there is also a growing demand for rental properties from young professionals. Many young professionals are attracted to the region's vibrant social scene, excellent transport links, and job opportunities in a range of sectors. This has led to an increase in demand for modern, high-quality rental properties that offer excellent amenities and facilities.
However, the COVID-19 pandemic has had a significant impact on the property rental market in the North West of England. The pandemic has led to a decrease in demand for rental properties, particularly in city centers, as people have sought more spacious accommodation outside of urban areas. Additionally, many students have opted to defer their studies, resulting in a reduced demand for student accommodation.
Despite these challenges, the property rental market in the North West of England has remained relatively stable. The region's strong economy, diverse population, and investment in infrastructure have helped to sustain the rental market.
In conclusion, the property rental market in the North West of England has undergone significant changes in recent years, driven by a growing population, a thriving student community, and increasing investment in infrastructure. While the COVID-19 pandemic has presented challenges, the rental market remains stable, and the region continues to attract renters from a range of backgrounds.