Rents are rising at a growth rate higher than the national average wage..!!
People today prefer to save on living costs and use the money they earn on travel, shopping, experiences, etc. especially true for those digital nomads who can work remotely from anywhere.
Massive development has brought about massive demand to certain cities within the UK meaning the current supply does not fulfil the demand. Also the way people are living is very different to the way they previously have.
There is student accommodation for the young, retirement homes for the elderly but nothing for the young professionals.
It is often thought that the 20-40 age group has families and requires their own homes. Whereas in reality people are getting married and having kids later if at all..!!
This in combination with the rise in divorce rates means that there are more people in this category than ever before. They all need a flexible and affordable way to live
Today’s generation prefer to rent than buy as it provides more flexibility should they want to move or if the market changes and they can’t sell.
| NW England |  |
Studio Apartment | 1 Bed Apartment |
| Rent | £ 450 | £ 500 | £ 550 |
| Water | Included | £ 38 | £ 38 |
| Gas | Included | £ 70 | £ 70 |
| Electricity | Included | £ 70 | £ 70 |
| Council Tax | Included | £ 150 | £ 150 |
| TV license | Included | £ 12.50 | £ 12.50 |
| Wifi | Included | £ 30 | £ 30 |
| Cleaning | Included | £ 50 | £ 50 |
| Total Cost | £ 450 | £ 920.50 | £ 970.50 |
NB. The above table is for illustration only and is an example of the type of saving but each location is different
