According to Zoopla’s latest quarterly rental market report; ‘The New Year has seen soaring demand for rental homes, with the number of people looking for a property 76% higher than during the same period between 2018 and 2021.’
The pandemic saw increased interest in wider commuter zones, such as easily commutable and well-connected Rochdale, as renters also embraced the ‘search for space’ as we all spent more time at home. People are however now returning to the centres of major cities, including Manchester.
Gráinne Gilmore, head of research at Zoopla, said: “The flooding of rental demand back into city centres, thanks to office workers, students and international demand returning to cities, means the post-pandemic ‘recalibration’ of the rental market is well underway.”
This ‘recalibration’ SHOULD mean we’ll see some easing of the intense competition that the imbalance between supply and demand has created including here in Rochdale. The rental market in and around Rochdale and the wider Greater Manchester area remains fast-moving and intense with all available properties being let extremely quickly.
With Rochdale being a predominantly family area the main shortage of properties is in three/four bedroomed family-sized properties such as larger terraced houses, semi-detached and detached properties, where demand continues to significantly outstrip supply. In our experience, here at Ellen Kay, property investors tend to start with, and often stick to, the cheaper end of the market buying up flats and small terraced properties as investments in the buy to let market. There is therefore a significant shortage of family homes to rent locally, and we definitely need more on the market to satisfy local rental demand.
Any would-be landlords with property for rent in Manchester are encouraged to get in touch with our agents to discuss their options. We deal with new landlords, overseas landlords looking for a local agent and portfolio holders, and we can manage the whole process for the length of the tenancy agreement, or work on a tenancy finding service only. Get in touch for a chat with our experienced agents.
Those looking to rent in and around Rochdale should also get in touch with Ellen Kay, your local lettings agent. We know the local market and have the knowledge and experience to help you find your next home.