Real Estate

Rising apartment rents put forward new challenges for the youth in the UK

Rented apartments have become more of a luxury in Britain in recent years. They have been an enormous increase in the rents. People in their 20’s suffered the most due to this increase in rent. They get compelled to pay an unaffordable rent amount.

Rising apartment rents

Most of the housing organizations are of the opinion that if one third of the income gets spent on flats for rent , then it is correct to label the rent as unaffordable. The tragic part is that a salary of about £51,200 is required to rent a one bedroom apartment in Britain.

How youngsters are combating high rent issues

Now, the solution that most youngsters try out in this situation is to go for flat sharing. However, the problem is that flat sharing does not completely resolve the problem. If we look at about 12% of the postcodes in Britain, then they still remain unaffordable, and this is quite alarming.

 There are people out there who can afford to pay about 30% of their income on flat rents, but it still puts a financial constraint on those who cannot afford to pay such a large amount. Most youngsters in Britain believe that if they live alone, then they will have to cut down on their spending, and this is why most prefer to move back into their family homes.

Now, moving back with parents created yet another issue. The problem here is that most people in twenties find it difficult to find jobs in the areas where their parents reside.

All this points to a very alarming element, and that is it is becoming difficult to lead the life of your choice in Britain due to the sky-high rents. Some of the housing analysts are of the opinion that it is more affordable to live in areas outside London.

 At the same time, the landlords have their set of concerns also. They state that they have to cover maintenance, insurance, and licensing costs through the rents. When we look at the situation from the perspective of the landlord, then they are also justified.

 We need to keep one important thing into consideration here, and that is renting has increased over the past 20 years. Well, this means that there is a dire need to bring down the rent costs so that people do not have to struggle with the affordability issues.

It seems that the Government will need to take some strong measures in this regard. They need to analyze the challenges of the younger generation and their rental struggle. If the youngsters continue spending a large portion of their salary on rent, then it will eventually turn out to be a discouraging factor for them, and it will eventually affect their future.

Ideally, the Government needs to constitute teams that look into the rent issues in the UK, so that they can come up with a long-term solution to the problem. The temporary fixes will not be able to address this issue in the long-term for sure.

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