According the Office of National Statistics, The average monthly private rent in Bury was £819 in February 2024, this is a notable increase from £761 in February 2023, a rise of 7.5% for the year. In this article we consider the reasons why this happened.
There are a number of factors at play to facilitate a price rise (or fall), the most important is always the link between supply and demand. Therefore the first thing to consider is supply to the market, a number of landlords have stepped away from the Private Rental Sector over the last few years, so there has been less supply of property to the Bury rental market. This has primarily been because the tax burden on landlords has increased, and therefore the profit margins have been put under increasing pressure. Less supply to the market means that the properties that do come to the market are more sought after, and there is more competition for them, which pushes prices up if there is more demand than supply. We have found that there has been around 12% more applicants registering their details with us to tell them about rental properties when they come to the market in 2024 than for the same period in 2023. So there has been a reduction in supply and an increase in demand.
Although the prices have increased for renting a property in Bury, the Bury rental market still offers good value for money in comparison to neighbouring towns in areas. A recent study by Zoopla showed that rents in Bury were still cheaper than neighbouring areas such as: Rochdale, Warrington and Manchester. So those looking to rent a property can actually find that they can get a lot more for their money in Bury in comparison to other nearby places. Perhaps as the transport links to Manchester via road and Metro are so strong some choose to live in Bury and commute into Manchester instead. Of course Bury has so much beautiful countryside, quality schools, restaurants, retail facilities, sports clubs and welcoming communities that we should not be surprised that property to rent in Bury is so popular. There is a wonderful eclectic mix of property in Bury, there is something for everyone.
If you are looking for professional letting agent in Bury to look after your investment property give me and my colleagues a call on 01617611215, and if you are looking for a property to rent in Bury please do get in touch, [email protected] or via www.cardwells.co.uk
Cardwells Letting Agents Bury are an award winning letting agency situated in the heart of Bury town centre and have been letting property for landlord clients in Bury since 1982. They currently manage the investment rental properties of hundreds of landlords in Bury, Bolton, Manchester and all around north west. So if you are a landlord call Cardwells Letting Agents today and put your investment property in safe hands.
Cardwells Letting Agents Bury 01617611215 [email protected] or www.cardwells.co.uk
Cardwells Letting Agents Bolton 01204381281 [email protected] or via www.cardwells.co.uk
Cardwells are of course long standing successful estate agents in Bury and Bolton too.
www.Cardwells.co.uk
