High rents force one in four young Brits to live beyond their means
A survey by insurance company Urban Jungle found that renters also struggled to find a property the right size (18%), in good condition (17%), that would accept pets (15%), in the right location for commuting (15%), and with outdoor space (14%).
Urban Jungle said the new pressures facing young renters have been triggered by millions moving back to cities as workplaces return to the office.
It found that nearly one in three (32%) young people across the UK have moved house in the past eight months due to needing to be back into the office, soaring to 50% in London.
It says the return to cities has presented opportunities for landlords to raise prices and has amplified ‘unfair difficulties with affordable renting’, in tandem with rising costs of living and decade-high inflation.
The majority (60%) claimed that they were at ‘unfair disadvantage’ compared to the generations before them when saving money and managing their finances. The majority (62%) of renters said they had been stung by an unforeseen expense when moving house, including agency fees and legal fees.
Jimmy Williams, co-founder and CEO at Urban Jungle, said: “It was important to us to take a deep dive into the feelings of young people in the ever-changing world of renting – that’s become more turbulent than ever thanks to huge societal shifts as a result of the pandemic.
“It’s staggering to see that so many young people are struggling to find affordable places to rent and are being stung by unforeseen costs, which is hugely unfair as many need to be in certain areas for their jobs. We implore all landlords to consider how they can help prospective young tenants wherever possible, and offer fairer, more realistic, rates as they return to cities in large numbers.”