Staggering amount that Newbury millennial renters will pay
Research by a Newbury estate agent has revealed that by the time a millennial is 35-years-old, they could have spent as much as £138,000 on rent.
The data was uncovered in Newbury Property News by Lee Fenn-Tripp of Downer & Co, which is based on Cheap Street.
It states that the average rent in Newbury is currently £969 per month making it a big-ticket item on the monthly budget.
Lee said: “I was inquisitive to find out exactly how much Newbury Millennials will spend on rent by the time they reach their mid 30’s. The average age people leave home in the UK is 22; so looking at a Newbury 22-year-old (or Millennial) who left home in 2005 then between 2005 and today (assuming they live alone) that Newbury Millennial will have shelled out £138,409 in rent.
“It’s no wonder local Millennials can’t afford to buy a Newbury home given their tremendous debt. This means younger Newbury Millennials will probably carry on renting for the foreseeable future, simply because the prospect of buying a home is not yet achievable.”
He adds: “Landlords will need to keep improving their properties to ensure they get the best tenants and they will see a much higher rent achieved. Millennials will pay top dollar for a top dollar property. It is important to do things correctly as making money won’t be as easy as it has been over the last twenty years.”
Millennials were born between the mid 1980s and late 1990s so making them between the age of around 22 to late 30s.