The Salford scheme is affordable to households with an annual income of £27,000 and is specifically designed for renting.
Residents will have access to amenities such as co-working spaces, a private dining room, mini-cinema, and a 24-hour gym included in the rent.
Prices for a one-bed apartment start at £90 per calendar month, with no service charge or lettings fees.
Grainger is hoping to encourage graduates who studied in Manchester to stay in the city by providing accessibly priced, quality rental homes as part of its plans to help regional cities boost their student retention rate.
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Helen Gordon, chief executive at Grainger, said: “The affordability and quality of housing in the UK remains a key issue, especially for renters.
“Grainger’s aim is to provide professionally managed, purpose-built, high-quality homes with a range of extra on-site facilities, such as [a] gym, lounge and WiFi, free for all residents to use while still being affordable to people on ordinary incomes.
“For many key workers in the public sector, or young professionals who have just graduated, a good quality rental home close to work can often feel out of reach financially, pushing them to live further and further out, which harms productivity by forcing people into longer and longer commutes.”