Aside from its rich history and culture, Manchester is also home to some of the UK’s best universities, including the University of Manchester, Manchester Metropolitan University, and Salford University (just to name a few).
As a result of its prestigious universities, Manchester has become an attractive hot spot for students from all educational backgrounds, both from the UK and abroad. And because of that, the number of property investors looking at buying and letting properties to students has skyrocketed over the last decade.
So, if you are considering investing in a buy-to-let property for students in Manchester, read this article until the very end. It will take you 5 to 10 minutes, and by the end, you’ll know:
- Where Manchester ranks as a university city compared to the rest of the UK
- Where the best place to live is for students
- What Manchester’s buy-to-let market looks like right now
- Is it worth it investing in a buy-to-let property right now
The Top 10 University Cities in the UK
The UK is home to some of the world’s most prestigious universities. And as a result of that, at any given moment, there are millions of local and international students that live and attend university in the UK. However, which are the top 10 university cities in the UK? Based on recent data, here are the latest results:
When it comes to their higher education and place to live, students in the UK are spoilt for choice. Based on the findings of the study, Manchester is ranked number three, which isn’t a surprise.
The city is home to several fantastic universities, which are attended by hundreds of thousands of students each year. So, if you’re an investor looking to buy and let out a property to students, Manchester is a great place to consider.
Where Is the Best Place for Students to Live in Manchester?
If you plan to buy a property in Manchester with the goal of renting it out to students, you need to choose the right location. This is a non-negotiable if you want to come out profitable. Currently, the best places for students to live in Manchester are:
- Oxford Road
- Didsbury and East Didsbury
There are several different reasons why these particular parts of Manchester are most sought after by students. Some of the main reasons include that they are in close proximity to the respective university campus, there are plenty of clubs and bars in the area, and the quality of life is great, amongst other reasons.
When looking at buying a student buy-to-let property, you need to think like a student. The rental cost, nightlife, distance from campus, safety, the number of students living there, etc. That way, when you’re equipped with all this crucial information, it will be much easier for you to find an investment property that will yield you the best return on investment.
What Is Manchester’s Buy-to-Let Market Like Now?
Currently, the Manchester buy-to-let market is thriving. This is especially true for student accommodation in key areas of the city. Currently, the most popular areas for buy-to-let properties for students are:
- Victoria Park
The average property price in those areas is between £200,000 and £250,000. Please note that the actual price of the property you buy can be significantly lower or significantly higher based on the location, size, and condition of the property. As far as the rental yield for student accommodation is concerned, it’s in the area of 6-10%, which is significantly higher than in other parts of the UK.
Is It Worth Entering the Buy-to-Let Market in Manchester?
In our honest opinion, regardless of the current state of the property market, if you find a good deal, Manchester is always a great place to invest in property. The city’s economy and population have been growing more and more year after year, and there are no signs of it slowing down any time soon.
In fact, the large majority of people who are moving away from London are choosing Manchester, as it’s the second-best city in the UK in terms of growth and opportunity. As a result of that, tens of thousands of people from all over the UK and abroad make Manchester their home – a large chunk of which are students.
Besides that, Manchester’s rental market for students is one of the best in terms of rentability and rental yield, making it the perfect choice for private and institutional investors. Ultimately, the choice is yours for the making!
And remember, if you do invest in student accommodation and in a few years decide it’s time to move on, you can sell your tenanted property relatively quickly due to the growing demand for such properties.