Rising rents in the UK mean that younger workers are less likely to relocate to a different city, a report suggests.
Despite offering higher salaries, younger people are unable to afford rent in UK cities. We explain what this could mean for you.
What’s this story about?
According to a report, the number of young people in rented housing who moved for a new job has almost halved in 20 years.
Even though they were offered higher wages, the financial gains appeared to be swallowed by the cost of the rent. In particular, higher-paying areas of the UK were found to have the fastest-climbing rent costs.
Private rents have risen by almost 90% in the UK’s highest paying areas, while rents have increased by over 70% in the lowest-paying areas.
What does this mean for you?
While employment is rising, the high cost of rent could make it tricky for younger workers to find a job in their field.
The rent costs have made it difficult for workers to afford to find a role in areas like London, despite the salaries being higher to adjust for the cost of living.
Paul Walker, 26, is an archaeologist living in Nottingham. He told the BBC:
"Wages are no longer reflecting the true cost of living, even with the salary being scaled up for London.
There is no way I can pursue my profession anywhere but up North, if I also want to have any savings or a life outside of my job."
Our key tips
If you’re put off by moving to a bigger city by rent costs, consider following these tips:
Think about the suburbs – a city centre apartment may seem appealing, but you could save lots if you commute into the city from a nearby town
Share the cost – living in a flat or house share with others could be a more financially savvy move to make
Article continues below
Apply with confidence
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.