Cities like Manchester are brimming with young professionals and rather than getting on the property ladder like their parents would have done in the past, they are far more content to rent a pad in the city. Price and the problems associated with raising a deposit for a mortgage will clearly have impacted on this but there’s more to it than that. Here are some of the main reasons why young professionals choose to rent rather than buy:
Financial Freedom – there is no doubt that having a mortgage and being responsible for all the maintenance of a property can be a severe drain on your finances. By renting, the maintenance issues are passed to the landlord, giving you more money in your pocket to spend the way you want to.
Flexibility – buying a property will tie you to that commitment for some time. Depending on your budget you will be limited to certain locations and property sizes whereas with renting you can often afford a higher standard of property in a more desirable area. This is a big selling point for young professionals. The nature of a rental lease also allows you to move on much more quickly if you want, without the hassle of having to find a buyer and the expense involved in selling.
Career – young professionals are very focused on their careers and to take a step up the ladder can often mean moving to a new location. Renting gives you the freedom to do that with relative ease.
City centre residents tend to be younger, with two-thirds of the population being aged 18-34. They are also more likely to be single and more diverse than the rest of the UK population.
The buzz of city centre living and convenience are the main attractions for city centre residents. Being close to restaurants, nightlife and work are all key drivers for young professionals. It’s very much about proximity to their place of work and having all the amenities nearby.
City centres are one of the most dynamic parts of our urban economies and it is the young professionals that are driving it.