One in eight (13%) private renters aged between 18 and 35 years old have already moved home, as the cost-of-living squeeze prompts people to evaluate their living arrangements, according to new research from Fidelity International.
With rents rising by an average of 3.6% in October 2022, on top of the soaring costs of goods and services, many young renters are deciding to make the move back home in order to save. In addition to the 13% who have already moved home, a further 23% plan to do so in the next 12 months.
This is particularly the case for those 18-25-year-olds, with close to a third (31%) of this age group planning to move back to their family home. Renters in London are also the most likely (34%) to be planning a move back to their parents compared to other regions in the UK4. According to Rightmove, the average rent in London was £2,343 per month in Q3 2022, the biggest ever annual jump (16.1%).
