While most believe that tourists never look further into England than just the capital, London, Manchester is quietly booming with its exciting tourism activities. With this tourism activity paving the way for the future economy, short-term rental investment is also becoming the latest trend in Manchester.
Over the last five years, Manchester’s short-term rental market has grown by up to 200%. All thanks to the booming travel and tourism industry, there is a much higher occupancy rate, and it will continue to increase. Various reasons support the Manchester growth plan for short-term rental investment. Let’s have a look at all of them one by one.
Reliable Transport Links
One of the major aspects that has been supporting Manchester’s short-term rental investment is its decade-old transport infrastructure. The infrastructure is highly connected to give everyone access to the numerous destinations and attractions all around the city. Take the Manchester Airport, for example: being one of the busiest airports in the city, offering direct flights worldwide, the tourism scene is thriving because of the convenience offered to international tourists.
It means today tourists do not have to go through the hassle of connecting flights to London only, since Manchester Airport is a perfect base for Northern England. Not just that, but the city also features an incredible public transport system of the Metrolink tram that is connected to all the known and hidden destinations in the city.
With such strong support of the thriving tourism scene with transport links, the short-term rental investments do not seem to be slowing down anytime soon. Even better, the city also features private transportation like minibus and car rentals to further add to the convenience for group travelers who are willing to explore the city and opt for short-term rentals.
Reasonable Property Pricing
Here is a little secret that a lot of investors really do not know about. Surprisingly, despite the challenging real estate dilemma, the property prices are still reasonable, with a positive return from short-term rentals. Considering the volatile pricing of properties in London, there is a much greater value for money in Manchester.
Today, investors can list down properties for up to £120 per night for Airbnb and other rental spaces. On the other hand, the property value is also increasing up to 15-20% annually, securing your investment for long-term growth. All in all, there are various opportunities in Manchester, such as high-rise apartments and terraced houses.
Neighbourhoods That Attract Tourists
Another great feature of Manchester is that tourists actually want to stay in its smart neighbourhoods. While it is true that not every neighbourhood is famous for short-term rentals, regions like the Northern Quarter and Spinningfields are gaining top attention from travelers.
Not just these, but Ancoats is also transforming to be the cultural capital and thriving short-term rental investment space for many. That is because this region provides an urban setting for tourists and business travelers who need short-term rental space.
Hub For Business Travelers
Tourism is not limited to just leisure in Manchester. The city also shares a strong attention to the business travelers who are staying in the city for corporate purposes. Today, financial, tech, and all sorts of corporate businesses are transferring operations in Manchester to leverage the affordable rental spaces and avoid the volatile pricing.
Even better, the business travelers are known to provide great value for money since they are more likely to book on short notice and are less price-sensitive. Considering these factors, it is no wonder that Manchester is often known as the “British Silicon Valley of the North.”
Year-Round Culture Events
Manchester also boasts year-round cultural events, including festivals, concerts, and public gatherings that attract visitors from all over the globe. At the same time, there is a higher trend of accommodation needs, with short-term rentals being the top choice among travelers.
For instance, the Manchester International Festival and Parklife & Warehouse Project are some of the major events happening in the city that always lead to high demand for short-term rental accommodation. Not to mention, sports play a crucial role in tourism traffic in the city with the most accommodation demands from fans. These exclusive events provide a much better return because of extended stays, making the short-term rental investment highly reliable.
Promising Technology And Infrastructure Growth
Manchester is also pushing for technological and infrastructural advancement that will create a positive growth environment for short-term rental investments. Like most visitors, it is crucial to know the future outlook to secure a positive return on investment. Good news for you, Manchester’s infrastructure is known among the best in England, with trailblazing advancement in fiber broadband internet and 5G connectivity to cater to both tourists’ and business travelers’ needs.
That is why local councils are also coming forward to devise regulations and plans to support the positive growth of short-term rental investments. This approach will allow more and better accommodation for local and international travelers, which supports a thriving economy in the city.
What Is The Growth Outlook For Short-Term Rental Investments?
The Manchester neighbourhoods will continue to strengthen the economy for short-term rental services as long as the city has a thriving tourism scene and business travel. With several events being hosted all across the city and government authorities supporting the growth, the real estate investment will bring all the positive results for everyone. The key is to understand the best opportunities at hand and invest to fill the demand gaps to join the real estate trajectory that is fueled by tourism and business.
