Residential property rents have risen across UK regional cities over the past 12 months, research from JLL has showed, driven by students and young professionals.
Manchester (pictured) recorded the largest number of people moving to the city, followed by Birmingham and Leeds.
In the past 12 months, residential rents across Bristol, Birmingham, Leeds, Manchester, Edinburgh and Glasgow rose by an average of 15%.
Leeds and Manchester recorded the highest annual growth of more than 18%, with Edinburgh also seeing a significant annual increase of 15%.
JLL associated the high demand for regional city centre living with improved affordability when compared with London. It said vibrant city living experiences across the UK’s big regional cities were a key feature influencing the choices of young professionals and students.
JLL anticipates demand for rental properties to continue to grow in 2023, forecasting rental growth of between 15% and 21% across the UK regions over the next five years (2023 to 2027).
Jeff Pearey, head of JLL Yorkshire, said: “Moving forward, it’s important we maintain a focus on developing a range of residential options to meet this growing demand, while catering to the diverse range of needs and requirements of those who would like to call our city home.”
Marcus Dixon, director of UK residential research at JLL, added: “What is needed now is some economic and political stability to ensure businesses invest in that growth in the long run.”
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