Our beady eyes have noticed a rise in the number of ‘aspirational renters’ throughout Manchester city centre. Whilst we’ve had our suspicions for a while, we decided to delve a little deeper and do some research of our own; this resulted in us finding that a substantial proportion of the city’s younger generation are shunning home ownership to reap the benefits of flexible city centre living. And we can’t say we blame them.
So far this year, we have seen an impressive 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. We did a little digging and found that 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. Plus have you seen the quality of some of the rental properties we have on our books? You’d be daft to say no!
We spoke to residential Manchester tenant, Adam Stevens, who finds renting much more suited to his lifestyle. He told us: “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 young generation.
Sales director of our very own A-Team, Ged McPartlin gave us his thoughts on the current situation. He 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.”
He concludes: “As it stands, we’re finding that many of our younger clients don’t feel an urgent need to save for a deposit, due to the flexibility and lifestyle that living in the city centre enables them to have. The level of home ownership in Greater Manchester dropped to 58% this year, down from 72% in April 2003, so it’s safe to say that rental property is certainly serving its purpose.”
So there you have it. Manchester’s young renters are living it up in the city. If you’re looking for a new property, why not give us a call and see if we can help you move up the rental ladder. We have heaps of amazing properties on the market and we’re sure there’s something to suit everyone, from one bed studios to penthouse apartments. Chat to us today on 0161 637 8336.