There’s probably no convincing argument that young renters really require another catchy ‘generation’ classification name, and yet it appears another has been created.
It’s been an awfully disruptive year for most young renters, well renters in general if we’re being honest. The pandemic has forced the government to shut down large swathes of the economy, placing many on furlough and keeping people indoors for large parts of the year.
As noted by the Financial Times, the pandemic has been particularly disruptive to young workers at the beginning of their careers, as well as sectors that younger adults tend to work in such as hospitality, travel and retail. This has often meant a delay on many young adult’s plans, whether that be for their career, studying, travelling or their living situation.
That disruption, we hope, is now starting to move into the rear-view mirror with the lifting of restrictions. The engines of the economy are once again beginning to fire up again following the announcement of the government’s roadmap out of lockdown, culminating in the lifting of all Covid restrictions in June.
It follows what has undoubtedly been a very tough year, but the signs are now there that things are turning the corner and 2021 could be a very good year indeed, at least economically and in terms of the return to normality. So, what will this likely mean for renters?
The actual crafting of the term leaves much to be desired, but in its essence, assert The Guardian, the ‘boomerang generation’ consists of young adults who have moved out and been forced to return home to their parents or to live with others due to economic uncertainty.
There is now hope that the lifting of restrictions will lead to a turnaround in fortunes and a big year for the economy putting money back into the pockets of young renters. This will hopefully allow the majority to move back out into their own living spaces again.
Indeed, The Guardian noted in an interview with Ruby Webster, who’d moved back into her parents’ home during the pandemic, ‘As restrictions begin to lift, Webster is keen to get back to a big city: “The fomo [fear of missing out] has started.” She says the key to managing the situation is understanding that it is temporary.’
This speaks of the impending situation that is likely to crop up across towns and cities all over the country, as swathes of young renters desperately attempt to reclaim their own space and get back to the hustle and bustle of urban living.
With a serious lack of supply thanks again to the pandemic, demand is surging beyond even normal busy levels. Many property sites have experienced unprecedented traffic in recent months, meaning that those looking to get back out into their own space are going to have to act quickly.
This means getting online now. Starting to look at the areas you’re interested in, budgeting for the types of rents they go for, and planning on a moving date potentially a month or further in advance.
One thing is for sure, many in property are already starting to see this surge in demand and the advice is that if you want to beat the crowd, you’re going to need to act early.