Generation Rent?

It has been estimated that Millennials in Sheffield will have spent almost £110,000 on rent by the age of 35.

'Generation Rent' refers to people born in the mid-1980s to late 1990s. Estate agent Maz Iqbal, of Sheffield Residential, has estimated the average rental costs of a Sheffielder. He has estimated that if a person left home at aged 22 in 2005, the average costs of rent to date would be £108,768.

Mr Iqbal wrote on his property blog:

"It's no wonder local millennials can't afford to buy a Sheffield home given their tremendous debt. This means younger Sheffield millennials will probably carry on renting for the foreseeable future, simply because the prospect of buying a home is not yet achievable… that is until you look more deeply at the numbers."

Mr Iqbal has calculated the average rent in Sheffield in 2005 was £632 per month. The average rent in 2018 in Sheffield is £755. However, Mr Iqbal further states that if rent had risen in line with inflation, the average rental cost would be £890 per month.

Mr Iqbal said:

"This means that an average 35-year-old Sheffielder, who has been renting since 2005, is better off by £10,771 when comparing the actual rent paid compared to what it would have been if it had risen by inflation. In a nutshell, tenants have done well due to the sub-inflation growth in rents".

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PM Law

Conveyancing Solicitors