For the first half of this year, Ascend Properties has seen a (21%) increase in the number of enquiries from existing tenants aspiring to climb up the rental ladder, as opposed to saving for a deposit to purchase their first property.
The motives for moving include:
26% want to move closer to the inner city centre (average age 23)
51% desire a larger living space (average age 26)
16% requested a higher floor apartment with improved amenities (average age 29)
3% want to upgrade to a penthouse apartment with outside space (average age 32).
Moving up the rental ladder has become the norm for many of today’s younger generation and whilst rising house prices and large deposits act as the two main barriers towards home ownership, even those who are in a position to buy are choosing to sit tight in their rental property as a result of the flexible lifestyle being a tenant allows them to have.
Adam Stevens, a Manchester tenant, finds renting much more suited to his lifestyle: “With renting, I don’t have the same responsibilities as I would if I owned a house. As a typical first time buyer, my standards are pretty high and properties on the market just don’t compare with my rental accommodation; it just isn’t in the same league. I have the income to buy, but renting is just so much more convenient for me right now. I prefer not having the responsibilities of home ownership and for the rent I’m paying, my standard of living actually works out better than having a mortgage.”
He continues: “I did attempt to move back home with mum and dad for a little while but the adjustment is quite difficult once you’re used to living in the city centre. It’s so handy for me to live in town; you only have to open your door and everything is there. The gym, shopping, nightlife, even getting a haircut. It’s just so easy. I don’t have to worry about taxis or parking either, which is a major plus for me.”
Adam’s comments echo quite a few of Manchester’s aspirational renters, as the city’s increasing student population often choose to reside in the city long after graduation. The vast choice of property, the convenience and also the flexibility of renting has opened up a whole new lifestyle for today’s younger generation.
Ged McPartlin, sales director for Ascend Properties, comments: “There is certainly a recurring theme across the Manchester property market at the moment – those in their twenties typically want to remain in the city while they’re young and fully absorb the vast range of amenities on the doorstep at a much lower price point than if they were paying for a mortgage.”
