700000 millennials cannot afford to rent let alone buy

Millennials are having a harder time succoring apartments in England. Studies are finding that the cost of rent and deposit are skyrocketing. One study found that 16% of applicants are being rejected because of poor credit scores.
Millennials living with their parents have risen from 21% to 26% in the past 11 years. Many people finding themselves having to save up for 4 months for the deposit and rent before they can afford an apartment.

Key Takeaways:

  • Bad credit scores are keeping young people from the rental market
  • Average deposits are £970 and the average monthly rent is £927 (higher in London)
  • Even with cash in hand, some landlords still require guarantors

“Keep your credit balances low, but do use some credit every month. Pay off in full, on time, to show landlords that you are good at managing your money”

Read more: https://uk.finance.yahoo.com/news/700000-millennials-cannot-afford-rent-let-alone-buy-075812029.html

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