What’s so good about renting?
These are dire times for today’s renters. 60% of current tenants think their monthly rent will be higher 12 months from now, one in four spends at least 50% of their monthly take home pay on rent and 36% expect to remain in rented accommodation for 3 years or longer – up from 32% this time last year.
In addition, according to Rightmove’s latest survey on the rental market, the majority (58%) say that they would like to buy but cannot afford to and are effectively ‘trapped’ in rented accommodation. With all this doom and gloom about the rental market, is there anything appealing about living in rented accommodation? 82% of renters who completed our recent survey seem to think so!
So what’s good about renting? With over 40% stating the ability to move to a new flat or area ‘when they feel like it’ as the most appealing aspect of being a renter, it appears renters value the freedom being footloose and property free permits above all else. Location also comes out on top, with 35% stating that renting allows them to be able to live in a location they would not be able to buy. 22% of renters even think that renting is cheaper than owning a property. 18% say renting allows them to afford the lifestyle they want, while ‘not having to buy furniture’ is the least appealing aspect of being a renter, with 7%. Surprisingly, only 18% stated that there was nothing appealing about renting.
So while the average intending first-time buyer will need to save a deposit of £20,000, rising to £30,000 for those in London and making the dream of home ownership a near impossibility for a vast number of current tenants, majority seem to have found a silver lining to the cloud of renting.