The HomeLet Rental index for July has revealed that average rents across the country increased last month, but so too did the median age of tenants. According to the findings, rents rose by 2.2 per cent in July compared to June, while the average age of a person living in rented accommodation jumped by three months in the same period, but still remaining at 32 years old.
However, the survey pointed out that the number of tenants aged between 18 and 21 had fallen by seven per cent year-on-year. In fact, the majority of people in this age bracket are living with a relative, while the number of respondents in the 22 to 25 age group in the same position is higher than those renting a home.
John Boyle, HomeLet managing director, highlighted the north-east as experiencing difficulties in this area, with the average tenant age currently standing at 34. He noted that "this could indicate that younger people are being forced to stay at home for longer as they are unable to afford the cost of living in their own home".
A similar situation could occur in Greater London, with the figures showing that rents in the capital have risen by 3.5 per cent between June and July, while average salaries have dropped from GBP 37,287 to GBP 36,659 in the same period. As a result, Mr Boyle commented that renters in the city are "feeling the pinch" more than elsewhere in the country.
Earlier this month, data published by Knight Frank revealed that rents in London are now one per cent above the high they previously hit in March 2008. Head of residential lettings at the firm Tim Hyatt said: "Rental demand continued to rise in July but stock levels are still constrained in certain areas." He added that the market has received a boost from the large number of families who are keen to secure a new property to rent ahead of the new school year in September.
- Friday 12 August 2011