Manchester-based urbanbubble has launched a new Research & Insights platform aimed at providing developers, investors, landlords and other key stakeholders the tools they need to make more informed decisions when it comes to investing within the UK.
Initially, urbanbubble has created a refreshed Quarterly Update report for Manchester, which looks at residential rental trends, market activity and latest development news within Manchester. This highly valuable and detailed report is available now for subscription, and available to view via urbanbubble’s website.
Future reports will be produced quarterly, with the next report due for release early July 2021. Subscribers to the Manchester Quarterly Update will be able to view this report as soon as it is released.
Ed Howe, insights manager at urbanbubble, said: “With all the data we have collected over the last few years, on Manchester and other UK cities, we identified a gap in the market for up-to-date, regular and reliable insights into the residential rental sector.
“Avison Young have their Big Nine report on office take-up in regional cities, Deloitte have their annual Crane Survey. But we saw a huge opportunity in the market for a report which looks in detail at the residential sector, tracking rents over a long period and studying new and emerging developments.”
The current report, covering Q1 2021, reveals positive projections regarding Manchester’s residential rental market, and its emergence from the Covid pandemic. There was a 34% rise in the number of homes being let in the city centre and Salford in Q1 2021 compared to 2018 and 2019, highlighting that demand across the rental market has not been impeded by the pandemic.
Rents continue to rise, especially in the build-to-rent sector, and for larger apartments and houses with gardens in the city. urbanbubble research reveals that, unsurprisingly, units such as these have become increasingly popular during the pandemic, as renters have new desires for both space to work from home and private outdoor space to relax in.
There has been no drop in the scale and quantity of new proposals coming forward for the city during the pandemic. The number of residential developments submitted for planning in 2020 was higher than the previous two years. Over the last 12 months, over 5,000 new homes entered into construction within Manchester, across 20 separate schemes. In the same time, over 6,800 new homes were delivered to the market, according to research presented by urbanbubble in its new Quarterly Update. With this volume of new homes being delivered, in the midst of a global pandemic, many would have expected rents to struggle, however, over the last 12 months, rents for homes across Manchester have risen by nearly 2%.
Howe continued: “Even without Covid, 2020 was likely to have been a difficult year for the rental market because of the sheer amount of new supply. The fact that rents actually remained stable and rose throughout last year, with this amount of supply and a pandemic to stir things up, is testament to the strength and popularity of Manchester’s rental market and the city in general”.
And the city is only just getting started. There are nearly 17,000 new homes currently under construction in the city. This year will see the delivery of 8,100 new homes across the city centre, Salford and Trafford.
Howe: “This type of data is vital to anyone performing in the residential or rental sectors in Manchester, and is all included in our Quarterly Update. It gives our subscribers detailed, accurate and reliable intelligence on rents for studios, one-, two- and three-bed apartments – as well as houses – in Manchester city centre; Salford; Salford Quays; and Trafford, and tracks ongoing rental activity – such as how many lets are taking place per month in the city’s residential sector; the gap between rents advertised and rents achieved; a detailed view of the emerging Build to Rent sector in the city; and information on new developments (both residential and non-residential) coming forward in Manchester.
“We have also split the city into eight sub-districts, such as Salford Quays, Piccadilly and Central Trafford, to properly assess rents on a local area and enable our subscribers to identify key opportunity areas within the city”.
Get your copy of urbanbubble’s Q1 2021 Quarterly Report now, available for subscription and viewing via the urbanbubble Research & Insights website
urbanbubble provides holistic management of property, facilities, lettings and resident management for a growing number of blue-chip developers. As well as its partnerships with Legal & General, providing management to Build to Rent communities across the UK, urbanbubble manages residential schemes across Manchester for developers including Salboy, Property Alliance Group, Mulbury and Capital & Centric.
urbanbubble was founded by Michael Howard in 2008 and has grown to become a national provider of property services, with over 11,000 residential properties under management across 80 UK sites, 6,500 of which are in Manchester.