Manchester is the city centre of the metropolitan urban county of Greater Manchester. The second most visited city in England and a cultural hub, it is also known as the capital of football, housing the richest club in the world, Manchester United, at Old Trafford together with Manchester City at the Etihad Stadium.
Renowned for its retail and hospitality sectors, Manchester is an important education hub with four universities and over 100,000 students. It is well-connected with a busy airport that connects the North West of England with more than 200 cities, including San Francisco, Dubai, Mumbai, Beijing, Hong Kong and Singapore. A £1 billion upgrade programme currently underway will boost annual passenger numbers travelling through the airport to 35 million.
London is just two hours away by train from Manchester and this will improve further with the arrival of High Speed Railway 2 at Manchester Piccadilly Station, planned for 2033. It is estimated that HS2 will enable the creation of 40,000 new jobs along with 13,000 new home and commercial developments in the area.
Manchester has already benefited from significant investment in the MediaCityUK regeneration project at nearby Salford Quays, which now houses the BBC and ITV, the UK’s leading broadcasters. It experienced strong GDP growth of 4% in 2018 while employment rose by an average of 3% per annum between 2013 and 2017.
Economic success and a rise in the student population is driving investment into the build-to-rent sector in Manchester. To date, around 2,000 purpose-built rented units have completed, and there are nearly 6,000 build-to-rent units under construction, representing over half of all residential units currently being built in the city.
The private rented sector almost tripled in size from 15% of households in 2001 to 32% in 2017. This trend is expected to continue as Manchester’s population increasingly moves into private rented accomodation.
What you can rent in Manchester: The Slate Yard
The Slate Yard is situated on the Irwell riverside and forms part of the wider New Bailey mixed use regeneration, opposite Manchester’s Spinningfields district. It is formed of two residential blocks that have been purpose built for the rental market.
|Address: Stanley Street, Salford|
|Status: 2 blocks completed, 3rd building under construction|
|Number of units: 225 complete, 199 under construction|
|Average rent per month: 1-bed $1,300, 2-bed $1,700, 3-bed $2,700|
|Developer: LGIM, Muse Developments and Homes England|
The first building comprises 90 units and completed in May 2016 and the second building comprises 135 units and completed in May 2018. A third building is currently under construction with completion targeted for Q1 2021.
The scheme benefits from a gym, shared residents’ facilities and 24-hour on-site team. Residents are also offered free wi-fi and coffee, cycle storage and a resident’s car club.