Skyscrapers full of luxury flats dominate our city... and they make life more expensive for Mancs
manchestereveningnews.co.ukSkyscrapers filled with luxury apartments are driving up rents across Manchester, a new report has found. Investigations into how Manchester’s rental market has changed have found that the average price of a two-bedroom flat is now £1,433 per month — and this has been driven up by building new ‘top-end’ apartment complexes.
The council report into the state of Mancunian renting says that ‘many’ new built-to-rent ‘homes are increasingly priced towards the top of the market however, due to the better-quality management’. “Whilst we remain undersupplied across the full extent of the market, this can result in the perverse impact of new supply ostensibly adding to the inflationary pressures in parts of the city where new development has been most intense,” it adds. READ MORE: 'We are at the cliff edge...' - Manchester is facing down a black hole and it's getting bigger The report effectively concludes that ‘despite building over 24,000 new homes since 2017-18, including over 9,700 build-to-rent properties, there is no doubt that Manchester continues to remain undersupplied for well managed accommodation to rent’, which in turn ‘led to prices and rents increasing across the city, exacerbating affordability issues for many of our residents’.
However, the issue is not just confined to the city centre. Data suggests ‘some of the highest rental inflation has been in wards where rents have traditionally been lower’ like Longsight, which has seen a 14.7 percent increase every year since 2019.
Big jumps have also been seen in Moston at 14.5 percent and Gorton & Abbey Hey at 12 percent. The report was presented to Manchester’s economy scrutiny committee, who grilled executive councillor for housing, Gavin White.
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