Chatting to a Colchester landlord client recently we got onto the subject of how the Colchester property rental market had changed over the past 10 years or so. I was able to explain that one example of this is that the average age for first-time mums and dads is 29 and 33 respectively, while the average age of a first-time buyer is now 34. The so-called ‘generation rent’ is becoming ‘generation parent’.
Furthermore, according to a new report by Royal London, nearly half (49.2%) of all babies were born into rented homes in 2016/17, which is up from just one in three in 2003/04. That’ a massive change in just 13 years!
Additionally, the number of families with children living in privately rented homes has risen by no less than 94% in the ten years up to 2016/17. According to the same report, there are now more than 1.8 million families living in the private rented sector.
Whilst some renters are undoubtedly making this a lifestyle choice, in order to remain flexible for work etc, there is a growing concern that many households may become caught in the ‘parent rent trap’, as renters pay on average more of their monthly income on housing.
So how does this affect the private rented sector in Colchester? There can be no denying that the demand for good quality rental property in the Colchester area shows no sign of declining any time soon. In fact the demand for properties within easy striking distance of the key areas such as Colchester north station or the university (general) hospital is as strong as ever.
If you would like to find out more about the Colchester property market, just drop me a line or pop in next time you are passing my office.