Small Versus Large Rental Property
Size not important say young Londoners
Young people living in London would prefer renting a small studio flat than a large property that is not in a good location.
Letting agency Knight Frank conducted a survey with 18-24 year olds, in which they were asked if they would be happy living in a microflat; “a small studio flat around 300 square foot in size, in a building with communal entertaining space.”1
45% of those asked in London said that they would consider this option.1
They also found that 32% of 25-34 year olds, and 37% of 35-44 year olds felt the same. Knight Frank found the national average to be 27%.1
Around 56% of 18-24 year olds claimed that renting suits their lifestyle choices. About 30% of 25-34 year olds in London agreed, alongside 27% of 35-44 year olds.1
Head of UK Residential Research at Knight Frank, Grainne Gilmore, says: “In terms of location versus affordability, a significantly higher proportion of Londoners, especially younger tenants, are prepared to live in smaller types of accommodation to ensure they are in a good location at an affordable price.
“The private rented sector is growing in London and across the UK. While this is undoubtedly linked to trends in house prices, the sector is also expanding amid a demand for a more flexible workforce in key urban areas.”1