Nick Millican on Record Breaking Rent Bills
The London housing crisis is still raging on and no one knows when it will end, if ever. Real estate genius Nick Millican has been keeping track of things and has noticed a few interesting facts that may surprise people. This is especially true when it comes to the record-breaking rent price that people are paying in London despite property prices starting to come down a bit as the market fluctuates.
Rent Has Never Been This Bad
Rent prices in the UK, particularly London, skyrocketed after the pandemic because people couldn’t afford to buy homes. Nick Millican knows that this fueled the rental market and drove prices up to the point that people are now paying record sums for rent.
Renters in the UK have spent as much on rent as the value of all the homes sold in London this past year. That is £32.1 billion spent on rent in London alone, an astronomical sum.
Nick Millican sees a bleak future for Millenial and Gen Z renters. If things keep going at this rate, millennials could be renting to retirement. As for Gen Z, they are already paying more in rent than Millennials so things look just as bad for them if not worse. Interestingly enough though, Nick Millican notes that rent for Gen X, Boomers, and the surviving members of the Silent Generation has fallen overall.
This generational divide is telling of the times we live in and just pours more fuel on the fire for those who claim older generations had it better. Nick Millican is interested to see how this plays out as the older generations have it easier going forward while the younger generations suffer greater hardships.