Young professionals make up a significant proportion of London’s workforce. 60% actually, according to figures from the Office of National Statistics (ONS) this year. This highly important group of young, intelligent and skilled group of people is helping drive the capital’s economy, yet when it comes to housing they are underserviced and underappreciated.
Missing the boat to home ownership, the majority of young professionals have to rent and you only ever hear about two options available for the work-hard, play-hard generation when it comes to renting in London:
1) ‘Hutching up’ with friends, girlfriends/boyfriends, randoms, in small, poorly conditioned rooms in small, poorly conditioned shared houses but in fairly central locations.
2) Live further afield in decent housing but have a long, expensive and emotionally painful commute to work everyday.
If these are the only options then it is clearly evident that the capital is lacking adequate housing for people on median salaries who can’t afford to buy a home or rent in the central zones of London. This seems unfair for the group who pay more on rent than anyone else.
Market renters pay an average of 40% of their take home salary on rent. Homeowners pay 30% on their mortgage and social renters pay 20% on social rent. Social tenants benefit from government subsidy, home owners benefit from low interest rates (and their own actual home) but market rent tenants don’t benefit from anything, it appears.
Clearly there needs to be a significant increase in supply of rental housing to the calling demand – young professionals, who we call ‘the rentysomethings’. Like home owners, rentysomethings should also enjoy benefits or perks, such as professional and efficient property management, free WIFI, and conveniences such as spring cleans, parcel signing and collection and door-to-door laundry.
Rentysomethings should also have the ability to make your home your own and not be affected by landlords deciding to evict and sell-up. After all we’ve all realised that renting is here to stay thanks to rising house prices, so renters deserve security and flexible lease options, including long term tenancies for however long they need.
Fizzy Living, one of the UK’s first operating PRS (private rented sector) schemes delivers this and a lot more. We’re a professional landlord offering quality rental accommodation to rentysomethings in London and an unparalleled service aimed to compliment the hectic lifestyles of young professionals. Currently we have four Fizzy blocks; Canning Town, Epsom, Poplar and City (Stepney Green) all within 5 minutes of the nearest train or tube station. And good news…we’re growing.
Roll on the growth of the PRS into the UK, it’s well overdue and needed in a growing market. And as it is too evident that based on what rentysomethings are paying they deserve a lot more than they are getting.
Dan Read, Operations Manager and ‘Super Bob’ at Fizzy Living.
Follow Dan on Twitter: @danielcread