As a
landlord, following property related news and blogs you’ll probably have heard
of the term ‘generation rent’ but who does it refer to? Generation rent refers
to anyone who, due to large deposits and high interest mortgages, is looking to
rent for life. Although it most typically refers to young professionals, who
are on a decent salary but cannot afford to buy a home.
In London, where 40% of the nation’s graduates flock to, there is higher spending on food, shopping and rent. In an article that appeared a recent issue of the Stylist, writer Amy Grier likened this phenomenon to Peter Pan where ‘the capital’s mature adolescent shuns the major markers of responsible adulthood – most notably in spending habits.” According to Ricky Burdett, professor of urban studies at LSE, the majority of Londoners are aged 25-45.
A recent study found that renters spend 71% of their pay after tax goes towards paying the rent. Whilst this generation may be willing to sacrifice a large part of their rent for a property in a good location, they also expect more bang for their buck.
Without a mortgage or big debts to pay off these renters have a more disposable income and as such live with higher expectations of the property they rent. They buy iPads, 3D TVs and go on luxury holidays abroad. They like to live in nice areas but don’t want the burden of a home owner and all that in entails, including furniture.
In London, where 40% of the nation’s graduates flock to, there is higher spending on food, shopping and rent. In an article that appeared a recent issue of the Stylist, writer Amy Grier likened this phenomenon to Peter Pan where ‘the capital’s mature adolescent shuns the major markers of responsible adulthood – most notably in spending habits.” According to Ricky Burdett, professor of urban studies at LSE, the majority of Londoners are aged 25-45.
A recent study found that renters spend 71% of their pay after tax goes towards paying the rent. Whilst this generation may be willing to sacrifice a large part of their rent for a property in a good location, they also expect more bang for their buck.
Without a mortgage or big debts to pay off these renters have a more disposable income and as such live with higher expectations of the property they rent. They buy iPads, 3D TVs and go on luxury holidays abroad. They like to live in nice areas but don’t want the burden of a home owner and all that in entails, including furniture.
By offering a
fully furnished rental property that meets the needs of the ideal renter you
can not only achieve the best market price but hopefully also get good tenants
that will treat your property with respect and plan to stay in their property
for a few years to come.
Whether you
are furnishing the whole property, including an entertainment unit and kitchen
supplies, or offering just essential items of furniture, furniture hire
providers can help to create a stylish property to rent. Most landlordfurniture hire providers offer to help find the right furniture hire package to
suit your property with the help of an in-house interior design team.
A stylish
property that is furnished is appealing to the generation of renters in London
who are willing to pay for a decent property in a good location.
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