💰Renters paid £57.3bn to their landlords this year, but despite soaring rents the total bill has fallen.

Landlords are struggling to replace millennials with younger renters who are choosing to stay living with parents.

Thread ~👇

📉The total amount of rent paid by tenants in Britain fell by 8% this year.

A combination of factors are to blame:
🏡Younger people living at home longer
🧑‍💻Rise of remote working
🏦Better lending conditions for first-time buyers
The national rental bill is below 2015 levels - despite average rent per property rising more than 7% in 2020.

The biggest rental share was paid by millennials, those born between 1980-96.

But as more of them buy, the rent bill paid by them has falls

The amount of rent paid by Generation Z is growing at a slower rate than their millennial counterparts' ever did.

📅Ten years ago 23% of young people aged between 20-34 lived with their parents, but by 2020 this had risen to 28%
⬆️While the amount of rent paid by Gen Z may increase in value as more of this demographic reach adulthood, and rents become higher...

⬇️The number of renters in this group is expected to fall in comparison to previous age groups
Aneisha Beveridge, of Hamptons, said: "Mortgages for those with small deposits are far more widely available than they were in the five years after 2007.

⏭️"Generation Zs are likely to jump the renting stage and become homeowners"
First-time buyers are currently benefiting from a rate war between lenders.

🏡Beveridge also credited the rise of flexible working for helping younger people onto the property ladder at an earlier stage in life, by opening up cheaper markets outside city centres
💷"Leaving home in the middle of a financial crisis, like most millennials did over a decade ago, made buying a home difficult and, collectively, Millennials are likely to have paid more in rent than any other generation"

Read more: telegraph.co.uk/property/renti…

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