More Great news for all our Manchester investors!!
The Mayweather team have been doing a quick review of how rents have been improving over the last 12 months here in our hometown of Manchester.
Not only have the rents increased dramatically – the voids are virtually non-existent. Literally as one tenant moves in we have new tenants desperate to replace them often at higher rents. Often we are seeing tenants moving in within 24 – 48 hours.
We have been rounding up data from both our own portfolios and some of our clients and I think you’ll be impressed!!
1 bed apartment –Manchester No Parking
We have recently started a new tenancy in January. Previously we had been getting £625/mth. The new tenant is more than happy to pay £750. Within 24 hours of re-advertising the property, we had 7 applications and the first viewer took the apartment on there and then.
2 bed apartment –Manchester No Parking
Although there has not been a new tenant in the property for over 4 years, each year the rental has increased by £25-£50 per month. At this year’s rent review we increased the rent from £800 – £850/mth.
3 bed apartment – Outskirts of Manchester
Again, this year we have secured a rent increase of £50/mth which takes the rent to £950/mth. We have been told by a local letting agent that we have potential to increase to £1000/mth at the next review.
This is just a small sample, which highlights how buoyant the Manchester property investment market is for buy to let investors.
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