Rents remain on the rise in Manchester
Report finds average rent jumped 3.3 percent in March
Average rents in Manchester continue to rise significantly, according to a new report from Apartment List.
The online rental marketplace reported that in February rents in the Queen City rose 3.3 percent compared to February 2022 – far higher than the average 0.3 percent recorded nationally. Median rents in the city currently stand at $1,306 for a one-bedroom apartment and $1,742 for a two-bedroom.
Year-over-year, rents have increased by 6.7 percent in Manchester. In February of last year, they were down, albeit slightly, by 0.1 percent.
Since the start of the pandemic in March 2020, rents in Manchester have risen by 36.8 percent.
The report noted that rents typically rise at this time of the year, and based on historical seasonal patterns prices are expected to continue to rise for several more months. But market conditions could prevent runaway rent inflation as exhibited in 2021 and 2022.