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Where to Get the Best Manchester Rental Yields

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Where to Get the Best Manchester Rental Yields
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As a landlord, you want to get the highest rental yield for your investment property, and in this article, we’re going to be helping you do just that. Keep on reading as we provide you with:

  • The average rental yield in Manchester for the different types of properties
  • The areas in Manchester that can generate the highest rental yield

Average Rental Yield in Manchester for Different Types of Properties

There are three main types of properties in and around Manchester, and below, we’re going to look at the average rental yield for each of them. Do note that while the type of property matters, what could possibly matter more in terms of rental yield is also the location of the property.

Flats & Apartments

You will find that flats and apartments in Manchester are mostly situated in and around the city center, where space is precious, and building a detached house simply doesn’t make financial sense.

Flats are particularly popular amongst students and young people, and property prices aren’t that high. Depending on where you look, you can find apartments for around £150,000 and get £1,000 in rent every month, bringing in a very nice rental yield. As a result, in our opinion, apartments are the best when it comes to rental yield across all the other property types we’re about to discover.

Detached & Semi-Detached Houses

Depending on the area, detached and semi-detached houses might provide you with an even better rental yield than flats and apartments. For instance, if you manage to get a good deal on a property in an area such as Fallowfield, as it’s a student area, you can get a very decent rental yield in the area of 10%.

Terraced Houses

Terraced homes are the least desirable properties to live in, especially as you start to move away from the city centre. With that said, they still hold a fairly high price, but the rent can expect, for the most part, isn’t particularly worth it if all you’re after is the highest rental yield possible.

Media City & Salford Quays – 8.22%

The area of Media City & Salford Quays is often forgotten as it isn’t exactly a walkable distance to the Manchester City center. However, the area is very vibrant and has a ton of young professionals living there.

The average property price in the area situated on the River Irwell averages around £199,370, and rental prices are between £1,000 and £1,250 – resulting in an average rental yield of around 8.22%. Do bear in mind that the property market in this area is now becoming more popular amongst investors than ever before, and property prices are going up. Just last year alone, they went up by 10.68%.

Manchester City Center – 6.59%

If you’re looking for a buy-to-let property in an area that will always be in high demand, look no further than the Manchester city centre. The city centre of the capital of the north is home to the UK’s most young people. According to data, around 37% of the residents in the area are between the ages of 18 and 34 years old.

While all that creates the perfect location for an investment property, property prices in the area are quite steep. A one-bedroom apartment will set you back around £199,316. That said, the rent you can expect for such a property is still just over £1,000 per month, leaving you with a rental yield of around 6.59%, which isn’t bad at all.

Fallowfield – 11.26%

Located about three miles south of the Manchester city center, you will find the cosy area of Fallowfield. What’s particularly unique about this region is that property prices are relatively affordable, while rent prices are fairly high. This is mainly due to the thousands of students that flock to live in the area each year.

The average property price in Fallowfield as of right now is about £208,728, and the average monthly rent is about £1,959. As a result, buying a property to let in this area will generate an annual yield of around 11.26%, almost double that if you were to purchase and rent out a property in the city center.

Cheetham – 5%

Located right to the north of the Manchester city centre is the residential and light industrial area of Cheetham. It is a relatively fast-developing area in Manchester. Because of that, property prices are still relatively low compared to the rent you can extract from the average property in the area.

The average property in Cheetham will set you back at around £206,000. Just last year, semi-detached properties in the area sold for £232,000, terraced houses for £180,000, and flats for around £130,000. Do note that the closer to the city centre you look, the pricier the properties will get.

As far as rent is concerned, you can quite easily get around £700 – £1,250 per month, depending on the type of property you have and where your property is located. As a result, the average rental yield in the area is about 5%.

Longsight – 5%

Bounded by Ardwick and West Gorton, Longsight is an inner city area around 3 miles to the Southeast of the Manchester city centre. The average price of a home in Longsight averages at around £198,000, while the rent you can expect (depending on the type of property you buy) is between £800 and £1,200 – leaving you with a decent rental yield of around 5 to 6%

Old Trafford – 4.8%

Old Trafford has one of the highest rental yields in Manchester, but when compared to every other location on this list, it’s right at the bottom. Property prices are pretty high, while rent prices lag back slightly.

You can expect to purchase a property in the area for around £209,000. Prices in the area used to be much more affordable. In the last 12 months alone, property prices in the area skyrocketed by an eye-watering 26%, which is unheard of in the area. In other words, if you’re looking to get into the property market in the area, do so as soon as possible.

Conclusion.

When looking for buy-to-let properties in Manchester, getting the most for your money is essential. So, in this article, we went over some of the best places for rental yield in the whole city. Currently, the area with the highest rental yield is Fallowfield due to its relatively affordable housing and the massive popularity of the area amongst students.

With that said, Manchester as a whole is a great area for investing in property. Property prices are steadily going up, so even if you decide to sell your tenanted property in the future, finding a buyer won’t be an issue at all.

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