SLIDER

RENTING A HOME IN YOUR 20'S: THE STRUGGLE

It's to no surprise that I still live at home with my parents. Being a Londoner means it's extremely difficult for anyone my age or even people in their mid-late 20's to rent a property by themselves in the city. Rent prices and house costs are increasing every year and no work salaries are increasing meaning it's extremely difficult to afford mortgages and rent.

More than 400,000 Londoners struggle with paying their rent; either completely or on time. Londoners on a strict budget and a low wage are forced to cut back on essentials like clothing, food and more materialistic things like internet and TV subscriptions. Those completely unable to pay their rent are finding themselves on the streets or moving back in with their family so what exactly is the future going to be like for our children?


My parents own two houses and are currently renting one out in East London. It's in a very over popular and diverse area of East London which means we have never have any problems in finding renters. Being a landlord means my parents are able to make that extra money on a house that none of us live in. This is a scary prospect but with reliable and cheap landlord insurance it means my parents are completely covered against any problems that should occur with the people renting such as damage to the property, domestic accidents etc.

Due to our current home being in Essex and on the outskirts of London; it means renting around this area is actually the 3rd cheapest area in London to rent. I'm out of the bustling city but only a 5 minute from the local tube station. Give it half hour on the tube and you can be in central London. Go the opposite way and you can be in the middle of Essex in half hour too. Due to being out of the city but not too far from places like Stratford have meant that house prices to buy are increasing and properties have a lot more worth. However, rent prices are cheaper because this area is well known for families; with a very high percentage in young mothers and unemployment.

The current house we live in is also owned by us and has been a happy home for nearly 15 years. However, my parents want to sell, pack up and buy a bigger house completely out of London within the next year. So, where does that leave me?


There is an option for me to rent the family home off my parents once they sell the other house and buy a bigger house. Depending on how much it costs to pay the mortgage, if it's a struggle then I also have the option to let two other bedrooms in the house to other people which means I would become a landlord. Quite a scary prospect so I really need to read up on all these things before the time gets here to decide what will happen.

HomeLet are launching their second edition #LandlordsAdvice e-book this August (mid) that offers advice to local landlords. The first edition covered Greater London, South East and North West. This new and second edition covers Wales, South West and West Midlands and is a collaboration of top industry experts.

Issue one f​eatured key tips from current and past landlords 
and
had contributions from Tessa from the Landlord Law Blog, Jonathan from The Money Shed, and was featured on HomesGoFast.com.
I am certainly going to try and get hold of the first edition for my local area but it's great they have now brought out a second edition for other new and existing landlords in other UK regions. Hopefully by the time comes, with a good knowledge of being a landlord; it will make renting the house out to other people a walk in the park!

Disclaimer: In collaboration with HomeLet. All words and opinions are my own. Photographs are stock images from Pixabay.

21 comments

  1. I rent myself, and I know how important insurance is! It's so easy these days to lost deposit so its important to insure!

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  2. Renting in general is difficult because it is so expensive. Especially if you are saving for a mortgage too.

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  3. Renting can be hard. It is so expensive too. Better to go through an agency.

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  4. I rent myself and insurance is so important especially since u have to put down a hefty deposit.

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  5. Renting can be crazily expensive, especially in London. Sometimes it's actually cheaper to pay a mortgage, though obviously you need a big downpayment so that's not an option for everyone!

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  6. House prices are so high thats it is difficult for youngsters to get on the property ladder.London rents are so expensive too.

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  7. Don't rent round London, nightmare landlord or who think they are god precious creature. That would be my tips now I'm older and wiser and someone who now brought her own place and is no longer renting. Do research on your landlord before agree to anything. xx

    www.annanuttall.com

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  8. I've got one year left at uni and am starting to explore the scary world of renting it's all so complicated!

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  9. You're smart to be looking into this now before it happens. You'll be well prepared when the time comes.

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  10. I'm in my 20's and i rent! Thankfully the area I live in is reasonably priced and I have enough money to save up for a deposit!

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  11. It's getting to hard to buy a house in London, so renting is the only option at the moment!
    http://lilinhaangel.com/

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  12. Renting can be a nightmare, but at least there is the option to rent and enough information and advice out there, so much more now than I ever had x

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  13. Renting is so frustrating. We're currently in West London to save a little bit of money!


    Tara xo

    Cattitude & Co. - a feminist lifestyle blog 

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  14. I've never had to rent somewhere just yet but we'll be looking to rent out our house at some point. After hearing so many stories I'm going with a property management company. Costs more but it'll mean I don't have to worry.

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  15. I still love at home - rent is SO expensive near me! X

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  16. Renting can be a tricky situation for both sides, especially in London. Been there, done it myself :)

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  17. I hated renting, I've met some terrible landlords and housemates. I love having my own house now :)

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  18. Erghh don't speak to me about expensive rent I feel you, I had to sacrifice a lot for a small room in London but I wouldn't change a thing. It would be lovely if the rent was cheaper though lol!

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  19. I don't understand why people live there if it's too expensive. The country is much more beautiful anyway. :)

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  20. Great post for anyone that is a first time renter. I have been lucky never to have rented. It's hard now to move onto the property ladder so it is the only option for many now.

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  21. i live in a village and average price to rent is £450-£600. It's expensive for us. This is a great post for first time renters

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