Property News > Are Millenials Quite Happy To Rent In 2018?

Are Millenials Quite Happy To Rent In 2018?

Never a month goes by without a report in newspapers claiming young people are faced with renting their entire lives. And in many cases that may well be true.It’s no secret that getting on the property ladder is harder than ever before, with the average deposit now standing at £51,000. But that doesn’t mean that young people aren’t happy with renting.In fact, in many cases it’s quite the opposite. Some young adults are quite happy not to face the struggle of first time buying and have the flexibility of renting.Our recent study into renting versus buying has found that while the number of buyers among 25-34 year olds is down by 20% across the last decade, many want it that way.The average wage has far from followed the rise of house prices in recent years, so while many can’t afford to place a deposit, a number more don’t wish to have the burden of saving for a house.A report by the Independent found that many renters believe the pros of a contract outweigh being tied down to one home.The opportunity to be able to essentially pack up and go whenever needed is a huge plus. With more and more young adults seeking a move away from their hometown, the ability to advance careers all over the world is much easier without the need to sell a home.On top of that, the accessibility of travelling is opening up more opportunities to take a break. Renters don’t have to worry about mortgages on a six month break.Of course, there are huge benefits to owning your own home. The hundreds of pounds a month you have to pay goes into owning the property and isn’t squandered like renting, for example.But there’s a lot to be said for the flexibility in renting according to Millenials. A study by Deloitte found that almost half of us wish to switch jobs within a couple of years. That flexibility can be extremely useful in finding the next career step.It seems that the “happy renter” really shouldn’t be overlooked and while it’s often reported that renters simply can’t afford to buy, there may be another reason too, choice.

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