An increasing number of tenants are leaving large UK cities in order to find cheaper places to rent further afield.
Why a Tenants Leaving Cities?
Findings from Rightmove found that 42% of tenants are now looking to in 10 cities are looking to move from the area they currently live, with London seeing the largest exodus.
This is caused in the main due to high and increasing rents across all areas but with larger increases in large town with a higher population density and less available rental stock.
How Can The Situation Be Improved
Some ways to improve this situation is for more home owners to free up empty space in the their own homes by renting spare rooms or others sharing more properties, making greater use of the space available.
It is also far cheaper to rent a room in a HMO or shared house than to rent a complete property. Rent in most cases includes bills and the overall rent is shared by all tenants. Use of more shared accommodation could encourage tenants to remain in their city of choice while reducing costs.
As well as increasing rental costs, the move away from major cities can be attributed to other factors, including the rising cost of living in cities, the availability of remote work with working from home far more acceptable since COVID, and the desire for more space.
What Has Made the Situation Worse?
One of the main reasons tenants are leaving cities is the high cost of living. As cities have become more desirable places to live, the cost of rent has increased significantly. In some cases, tenants are paying more than half of their monthly income on rent. This makes it difficult for many people to afford to live in cities, especially those on lower incomes.
Another factor contributing to this trend is the availability of remote work. With advances in technology, many jobs can now be done from anywhere with an internet connection. This has allowed people to live further away from their place of work, reducing the need to live in expensive cities.
Finally, many tenants are leaving cities in search of more space. In cities, apartments and houses can be small and cramped, with limited outdoor space. By moving to cheaper areas outside of cities, tenants can often afford larger properties with more outdoor space.
Overall, the trend of tenants leaving cities for cheaper rents is likely to continue as people prioritise affordability and space over the benefits of city living. However, it is important to note that this trend may have negative implications for the economy and the environment if it leads to a decline in urban centres.
Rent a Room To Reduce Costs
As mentioned, shared accommodation, HMO’s and renting a spare room in an owners own home can help the situation and reduce costs significantly.
If you are looking for a room to rent, are a landlord with available rooms or are considering renting out a spare room, please feel free to Register as A Landlord or Tenant.