Many young people are struggling to get on the rental ladder in the UK, claims new research.
A survey from credit report provider Noddle suggests there are a number of reasons 700,000 people aged between 18 and 34 can not secure a rental property.
With average rents now standing at £927 per month and £1,593 in London, many people are unable to secure their first rental property because of financial reasons. In addition, poor credit histories and landlords being wary of letting to young tenants means many are struggling to move out of their parents’ homes.
The average property is now attracting four interested tenants - meaning landlords often opt to rent to professionals or older renters.
Jacqueline Dewey, managing director of Noddle, explained: “Our latest research suggests that it’s not just buying property that’s become increasingly difficult for young people today as renting is also out of reach for many. As demand for rentals becomes greater, especially in the big cities, landlords can pick and choose who they want in their properties.”
Young people are advised to start saving to ensure they can comfortably afford a deposit and ensure they have a good credit rating, so they present a more attractive tenant.