Research

As part of Allsop's lease up approach we always research the local market to better understand where we can seek to take advantage of local trends but also so we can fully understand the market drivers and adjust our approach to lease up and marketing appropriately.

As can be seen from the graphic whilst the wider Manchester and Salford conurbations have a strong supply of BTR and PBSA, The Joinery is well placed in terms of travel to both Manchester and Salford employment centres. This type of information is utilised to inform bespoke, cost effective marketing campaigns.

At Allsop, we leverage a comprehensive and dynamic dataset to provide unparalleled insights into the co-living sector. Our monthly ingestion of live Rightmove data into our proprietary systems allows us to conduct in-depth market analysis, while maintaining the highest standards of data sensitivity and client confidentiality.

What sets us apart is our dual advantage: not only do we have access to real-time market intelligence, but we also hold a leading position in the co-living valuation space. This unique combination enables us to deliver nuanced, data-driven advice that supports our clients in making informed investment and development decisions.

As co-living continues to emerge as a significant asset class, we believe our proven approach, honed through our early and successful engagement with the Build to Rent (BTR) sector, positions us and our clients for long-term success. Just as we helped shape the BTR landscape, we believe we can assist CDL in ensuring it is at the forefront of defining best practices and value in co-living.

Since 2022, the coliving rental market in London has seen notable fluctuations in average asking rents per square foot (£psqft), reflecting broader shifts in demand, supply, and economic conditions. The data, which includes the lower quartile (LQ), median (Med), and upper quartile (UQ) values, provides insight into both central tendencies and the spread of rental prices, including outliers.

In 2022, the market was relatively stable, with a median rent of £78.57 psqft, and a narrow interquartile range (IQR) from £76.00 (LQ) to £82.75 (UQ). This suggests a uniform pricing structure across most listings, with limited variation between lower and higher-end offerings. This “stability” is likely also as a result of smaller dataset.

By 2023, the market began to diverge. While the LQ remained nearly unchanged at £75.96, the median rose slightly to £80.52, and the UQ jumped significantly to £96.79. This widening IQR indicates the emergence of higher-end coliving options, possibly driven by new developments or premium offerings entering the market.

The trend intensified in 2024, with the UQ reaching a peak of £116.13 psqft, a dramatic increase of nearly 20% from the previous year. Interestingly, both the LQ and median rents declined to £71.91 and £77.04, respectively. This divergence suggests a bifurcation in the market: while luxury coliving units commanded increasingly higher rents, more affordable options may have expanded or adjusted pricing downward, possibly in response to affordability concerns or increased competition.

In 2025, the market appears to have partially corrected. The median rent surged to £88.32, the highest in the four-year period, while the UQ fell to £98.37, and the LQ rebounded to £75.87. This convergence may reflect a stabilisation in the market, with mid-range offerings gaining traction and the extreme high-end segment cooling slightly.

Overall, the data illustrates a dynamic and maturing coliving sector in London. The widening and subsequent narrowing of the IQR over time highlights the evolving segmentation of the market, influenced by economic pressures, consumer preferences, and the introduction of new inventory. The presence of outliers, particularly in 2024, underscores the volatility and experimentation within this relatively new housing model.

Corporate Targets

Manchester benefits from an ever growing workforce, caused by inward migration. The high postgraduate retention rates of the city underpins the opportunities for targeting employees of these businesses through SEO and PPC advertising. The ability to target local employers for relocation opportunities is also a valid avenue as people move from one corporate office to another.

Additionally we are aware of a number of firms including the NHS, where employees could be transferring and in need of assistance with relocation. Open days specifically targeted at NHS, Manchester Airport as well as Manchester Football club could all be profitable avenues, especially when combined with zero deposit options.

Manchester University NHS Foundation Trust

Cobbett House Manchester Royal Infirmary, Oxford Rd, Manchester M13 9WL

Located 2.9 miles away from Angel Gardens and operating ten hospitals across Greater Manchester, it is the largest NHS trust in the UK, with a staff of 28,479 as of 2021–2022

The University of Manchester

Oxford Rd, Manchester M13 9PL

Located 2.5 miles away from Angel Gardens, Manchester University employs 12,000 members of staff.

MediaCity UK

M50 2NT

Just a 19 minute drive from Angel Gardens and housing Notable businesses and organisations such as;

  • The BBC
  • ITV
  • Dock 10
  • Kellogg's
  • Ericsson
  • Barclays Bank

Westfield London, Shopping Centre

Ariel Way, London W12 7GF

The largest retail destination in Europe with 301 shops, located just over 1 mile from White City. Westfield employs thousands in retail, hospitality, management, and security roles.

BBC Studioworks & Television Centre

6, Television Centre Wood Lane London W12 7FW

Located less than 1 mile away from White City, BBC Studioworks is a mixed-use complex with over 2,000 employees.

Imperial College Healthcare NHS Trust

Du Cane Rd, London W12 0HS

Within walking distance of White City, Imperial College (Hammersmith Hospital), employs 8,000 with an additional intake of students.

Letting and Leasing

Our approach to lettings and leasing is to make the process for applicants easy, transparent, convenient and enjoyable. We know the process, legislation and compliance ‘inside out’ and have the benefit of experience and ability to focus on the service element.

We facilitate all mediums of customer contact – virtual, face to face, email or over the phone. In line with consumer trends, we are moving more toward virtual services, however we value one on one customer interaction above all else. We like to get to know our customers and ensure they are well informed.

As mentioned earlier, we have invested in our Yardi platform, which we believe is a service differentiator over many, as a letting mechanism, and feedback from applicants has been very positive with 95% of online applications received being accepted and proceeding to move in.

The lettings and leasing process has several key elements and below highlights areas of particular focus and our approach.

Vetting

  • We provide extensive amounts of information to residents to help customers understand the letting process including a detailed and branded residents handbook, requirements for references, financial commitment and what to expect
  • We believe in a robust referencing process to manage risk and adhere to strict referencing criteria which we prefer to be above industry standard measures. Our experience tells us this stringent process results in low possession claims and minimal voids periods
  • Criteria is tailored to client requirements, each development and project, and we generally advise criteria to be based on market rents and salary bands
  • Visa and passport checks – The Immigration Act dictates that agents should now check for visa validity for the first day of any tenancy giving any PR the ‘right to rent’ – we prefer visas to span the entire length of the tenancy
  • We generally use UK Tenant Data and Let Alliance for national / international referencing, however can and have used other suppliers

Letting

  • We work with clients to create bespoke tenancy conditions and processes including tenancy length, break clauses, pre tenancy conditions, incremental rental increases for tenancies longer than 12 months, termination notices and guidance on possession proceedings
  • We recommend longer term tenancies, where possible12-36 months and would caution the issue of licences over ASTs, except where an appropriate use is involved i.e. carparking lease
  • We encourage robust processes for renewals and agreeing uplifts in rent; the process involves early contact with the resident, seeking advice and instruction from our client and / or agreeing parameters in advance. Renewal processes are driven through electronic document signing.
  • We support transparent and fair increases (ie CPI plus uplift %) adding weight to being fair and honest and enhancing reputation
  • We carry out extensive market research to ensure accurate pricing which in turn minimises voids and maximises returns
  • We believe in maximising rents, however we also believe that higher occupancy in a shorter timeframe is more lucrative – you can never make up lost revenue due to vacancy, it is dead time
  • Generally we prefer to set and agree rent tolerance levels in the vicinity of 3-5% so we are able to efficiently process and agree lets with applicants
  • We believe long term relationship building equals long term tenancies, a low churn rate, high retention and ultimately a better financial performance and hence our ethos is to encourage our staff to get to know their residents and develop genuine ties where people care about each other
  • We accommodate and encourage inter portfolio moves / support life changes – we are after all, creating a sense of community and people help each other in communities

Allsop Bringing property & people together.