The busy world of Lettings is at an all time high and at NPP Sales & Lettings, our lettings department and Manchester itself is as busy as ever.
Home.co.uk reports 1051 new rental listings in the last 14 days within Manchester resulting in fierce competition between landlords to ensure their property is let quickly and for the correct price.
Throughout November we are currently averaging 2.2 viewings per let, which reflects our quality stock as well as our strict vetting procedure when it comes to registering tenants. We will ask if a tenant is in full time employment, what their current living situation is, and when they are looking to move. By ensuring our viewers are suitable we can avoid time wasters and secure quicker lets.
The average age of our tenants in October was 35 years old earning an average wage of £30,000 per year. The average length of tenancy in the North West for October, was 8 months (Goodlord.co.uk) but at NPP Sales & Lettings our average tenancy length is 12 months as we understand the detrimental effect a void period can have on a Landlord’s investment. We also attract tenants who wish to make their rental property more like a home and settle long term into their property. Our inspection reports showed an average score of excellent across the board resulting in happy tenants and happy landlords.
Home.co.uk currently reports the average market rent in Manchester as being approximately £995 PCM. With an influx of 1 bedroom apartments across the city this is a healthy ROI for investors. At NPP Sales & Lettings our average rent for November’s new move ins is £1275 which reflects our excellent track record of achieving solid rents for our landlord clients.
December will see our record letting figures slightly tail off as our target tenants bunker down for the festive period. But in previous years we have seen a spike in lets in January – so it’s important if you’re considering listing your rental property to ensure you speak to your agent now in preparation.