Manchester’s Build to Rent Boom

Manchester topped the list as a landlord destination and was the most popular location for investment in 2023. JLL’s projection of a steady 4% annual rental price growth to 2027 signals the strength of Manchester’s Build to Rent market.

The growth of Manchester’s Build to Rent market is being driven by graduate retention and the city’s magnetic appeal to young professional talent, attracted by its vibrant culture, warm labor market economy and lively food and drink scene.

“Although London has an attractive property market, many buyers have turned to other regional cities to get the most growth possible from their UK property investment.

“While equity was once a lucrative option for property investors, its affordability cap means value for money and rental yields are not what they once were. This has driven many investors to the ‘Capital of the North’, Manchester, with average returns almost double those of London.

“Offering market-leading returns in the form of rental yields and strong capital growth, Manchester’s under-rented property market supports its strong investment potential.

“With an unrivaled lifestyle offering including a number of new world-class venues, a growing talent pool and a graduate retention rate of over 50%, Manchester’s growth is only just beginning.”

Adam Price, CEO, Select Property – parent company of Affinity Living

Thriving in the midst of the Manchester Build to Rent boom

As demand for Build to Rent properties in Manchester increases, it has set a new standard in the rental sector, with tenants expecting more from their homes in the form of wellness facilities, home workspace, outdoor areas, cafes at onsite, a pet friendly policy and more. Real estate developers are engaged in a fierce competition in the city to meet these increased expectations.

Amid this boom, developers such as Affinity Living have achieved record occupancy rates, prioritizing the delivery of exceptional living experiences. They have consistently maintained high occupancy rates, with 2023 marking a milestone year across their four central Manchester developments, boasting an average occupancy rate of 97%, which has remained consistent through 2024.

According to Adam Price, CEO at Select Property, their success stems from staying true to the core principles of providing exceptional living experiences and a vibrant community of residents.

“We have focused on innovation, constantly refining our offerings to exceed the expectations of modern tenants. From introducing state-of-the-art amenities to enhancing our resident services, we have remained nimble and responsive to the evolving needs of our tenants.

“We are focusing on building communities in our buildings by investing heavily in our free resident and community events, as well as independent café and amenity partners, where we aim to promote resident relationships as well as community and resident stewardship .”

Adam Price, CEO, Select Property – parent company of Affinity Living

Manchester Tenant’s Wish List

Location remains a key element for Build to Rent tenants in Manchester, with 31% of Affinity Living residents identifying location as the main consideration when choosing a new home, according to recent resident research by the residential brand.

Post-Covid trends highlight an increase in pet ownership, with Affinity Living’s pet-inclusive policy attracting nearly 10% of residents and 25% of residents who have pets.

High-quality amenities and common spaces are becoming key factors for Build to Rent development to attract tenants, such as communal lounge areas, co-working spaces, resident gyms, cozy cinemas, terraces and outdoor spaces. 16% of residents were attracted to Affinity primarily because of the high-quality amenities.

“While location remains absolutely at the top of the wish list for most tenants, it is much harder to stand out in a crowded Build to Rent market with new developments popping up all the time in prime locations. We had to consider other ways to stand out by creating exceptional living environments.

“We have invested heavily in high-quality amenities and resident services, ensuring our properties offer a lifestyle that exceeds expectations.

“Our resident engagement initiatives, such as regular community events, create a sense of belonging and loyalty among our tenants. By continuously innovating and improving our offerings, we have cemented Affinity Living as the preferred choice for tenants amid Manchester’s Build to Rent boom.”

Adam Price, CEO, Select Property – parent company of Affinity Living

Affinity Living offers luxury living in the vibrant heart of Manchester across four apartment communities. With pet-friendly studios and one- to three-bed apartments, residents enjoy expansive amenities, stunning views, and premium amenities. Located minutes from Spinningfields, Affinity Living puts Manchester’s vibrant offerings right at residents’ fingertips.

Beyond the beautifully designed private living spaces, Affinity Living offers a dynamic community atmosphere with shared lounge areas, co-working spaces, resident gyms, cinemas, terraces and free regular events and activities. Welcoming pets of all shapes and sizes and encouraging personalization of living spaces, Affinity Living apartments allow residents to choose exactly how they want to live. Redefining rental living, they offer a superior rental experience where every detail is carefully designed to enhance residents’ lifestyles.

Select Property is a leading UK property developer, operator and investment specialist with global offices in Manchester, Dubai, Shanghai and Hong Kong. Since 2004, the company has sold over £2.74 billion of properties and paid out £214 million to global investors in rental income.

Specialists in the premium Build to Rent market, Select Property has a track record of providing outstanding accommodation through the Affinity Living brand and the Prestige Collection. They have also been instrumental in the growth and development of Vita Group’s student portfolio – Vita Student together with CitySuites.