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UK rental attitudes are changing, how is it stateside?
In the UK we have a site called Gumtree, it's a lot like CraigsList...an online classifieds site with ads from dating to house sales. Gumtree recently published a report examining today’s British rental market. The findings were very interesting and I'd be interested to hear if you think there are similarities with your markets.
According to the study, half of Brits (51%) believe the national obsession with getting on the property ladder is old fashioned and needs to change. Over two thirds of 25-44 year-old renters (71%) are not planning to take a mortgage at all and will invest their money in other ways, and three-quarters of Brits (76%) wouldn’t buy property now even if they had the cash burning a hole in their pocket. Four in five renters (81%) can’t currently afford to buy, but they are content and want to continue renting for the foreseeable future.
The study also examined a year’s worth of historical data for London and five other large UK cities and found a shift towards a more ‘European attitude’ to renting, which is good news for landlords. In cities such as London, Edinburgh and Bristol the study found rental revenue increase by up to 7.8%. ... more

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