Latest data from Manchester City Council’s research team show there are more than 7,000 new homes currently under construction across the city.
The vast majority of those, 4,954 are on 28 different sites within the city centre.
This rise in the construction pipeline follows eight years of stagnation that has led to an undersupply of homes and an increase in rents as demand surpassed supply.
Manchester Place chief executive Paul Beardmore, said: “Pent up demand has taken the city centre void rate to an unprecedented 0.4% and for the first time in memory we have seen occupation rates rising – suggesting a significant rise in sharers.”
The city centre population is expected to increase on average by 5.5% a year growing from a current 54,000 to 80,000 by 2024 – another 26,000 people in just seven years.
The pro-active measures have seen in increase in the delivery of new homes in the city centre with the number of completions tripling since 2015.
2015/16 – 524 units – 11 sites
2016/17 – 554 units – 6 sites
2017/18* – 1,788 units – 17 sites
2018/19* – 3,762 units – 36 sites
*forecast city centre residential completions
Paul added: “Our known and forecast population growth explains why we are so confident about demand – especially at the higher value end of the rental market where we are seeing a consistent undersupply.
“An undersupply too in the owner-occupier market where we are seeing unprecedented demand.
“Building a quality product for sale and rent will unlock demand and crucially retain residents who at the moment are often forced to leave the city to find the right accommodation.
“Interestingly we forsee the lower, entry level apartment market to be fully absorbed by 2020.”