Survey shows UK millennials prefer city centre living

 

Living close to work or university is a key priority for renters, especially among young professionals, showing the continued demand for rental properties in city centre locations.

GoCompare, a comparison website, has recently gathered data on tenants and landlords across the UK. The tenants were surveyed on what they deem important in rental properties, and then statistics were gathered on what landlords are offering on Rightmove.

The data on tenants were collected from 1,000 renters across one month, and it was compared to 1,546 rental listings on Rightmove. Although this is a small proportion of the overall UK property market, it highlights the importance of targeting the right location and amenities that attract UK tenants.

What features millennials prioritise in rentals

In GoCompare’s survey, the vast majority of millennials stated it was very important or at least somewhat important to rent a property close to their work or university, typically in prime city centre locations. In fact, 47.83% of tenants aged 18 to 24 found living near work or university very important, while 44.22% of renters aged 25 to 34 said it’s somewhat important. On top of that, 44.44% of all the renters surveyed thought close proximity to social activities, restaurants, and bars are somewhat important. Young adults especially prioritised it with 50.43% of tenants aged 18 to 24 deeming it somewhat important and 50.58% of the 25 to 34 age range.

The statistics also suggest younger renters are wanting to rent one or two-bedroom homes or flats instead of studios. Forty percent of tenants aged 18 to 24 said the number of bedrooms in a rental is very important and 45.38% of tenants aged 25 to 34 agreed. Additionally, it’s been forecasted that eco-friendly investments might attract more millennials to your property, and many young adults aged 25 to 34 prefer unfurnished rentals. It’s important to cater to tenant demands to attract and retain UK renters to your buy-to-let property.

Overall, tenant demand has increased while supply has fallen, creating openings in the rental market. Numerous studies have shown city centre living is extremely popular among young adults, highlighting why buy-to-let investors should prioritise modern accommodation in city centre locations.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Survey shows UK millennials prefer city centre living

Survey shows UK millennials prefer city centre living

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.