When is the Best Time to Rent in London and Manchester?
Collaborative Post
If you’re considering moving into a rented property in the UK, then you might find that the cost varies dramatically depending on where you are. If you’re looking to live in a major city like London or Manchester, where property prices are higher, then you might find the extra cost reflected in your rent.
But it isn’t just the place that determines the cost of renting – it’s also the time. There’s a certain seasonality to rent. It’ll change according to the time of year, as landlords rush to fill vacant properties. Plus, there’s the influence of broader economic factors, like global pandemics, recessions, and foreign wars.
If you want to get the best possible deal on your rental accommodation, it’s worth doing a little bit of preparation, and getting the timing spot on. Let’s look at a few key factors to bear in mind.
House prices
You can get a good idea of where rent prices are going to land by looking at the average property prices in the area in question. The higher they are, the more that landlords need to charge to make a return on their investment.
Population growth
The more people there are looking for rented accommodation, the more expensive it will be – thanks to the laws of supply and demand.
Interest rates
Lower interest rates make it more attractive for investors to look in the property market. This will tend to push up the buy-to-let market. On the other hand, when rates are rising, as they currently are, we can expect to see landlords move out of the market, and the cost of rent pushed down.
Unforeseen circumstances
Many of the things that add to the cost of renting are difficult to anticipate. It’s therefore worth minimising the risk by investing in renter’s insurance.
When is the best time to rent?
Fewer people tend to want to move during winter, and landlords are often willing to offer a discount to secure a tenant. December tends to be the exception since no one wants to move out at this time. Don’t wait until the last minute to look for a property – many will come to market several months before they’re ready to be moved into.
Bear in mind that most rental periods reset at the beginning of the month, which means that it’s often a good idea to look for a new place near the end of the month when renters will have just given in their notices.
If you’d like to get the best possible deal and you’re willing to compromise on privacy, then a house share might be worth looking into.
You can expect to pay around £925 per month for the average city-centre one-bed apartment in Manchester. In London, the price is much higher, at £1808. Anything you can do to push down the price, therefore, is well worth doing.
Photo by Mylo Kaye on Unsplash
