Londoners have witnessed rental prices go up by as much as 31% in the last two years in some boroughs of London, as real estate expert Nick Millican explains. He says most jobs have not seen salaries increase at a fast enough rate to keep up with the increases in rental prices.
This has meant that many individuals have been forced to move out of their apartment or home, even if they have not lost a job or an income, because rent prices are simply just too high to afford anymore. Nick Millican informs how many individuals have had to take on a second part-time job and work more hours just to pay their rent.
Yet others have had to find other ways to make extra money in order to just pay for the basic necessities like housing and property purchase as rent prices continue to skyrocket. Nick Millican informs how it’s estimated that the average rental property in London will increase by at least another 5.5% by the beginning of 2024 alone.
In the following years, rental hikes of 2.5% to 3.5% will not be unheard of, and many say those are just conservative estimates and the actual rent increases could be much steeper. By 2028, Nick Millican informs, the average rent will be about 182% higher than it is today. Wages are not likely to be able to come close to keeping up with those
Londoners will continue to have to pick up second jobs or they will have to have roommates or live in smaller-than-average and needed homes in order to be able to afford their rent. Others will sadly skimp on other necessities like medicine or food in order to be able to afford a rent and keep a roof over their head. As Nick Millican finally states, others will give up luxuries like cable or internet in order to keep the lights on in a trend that shows no signs of slowing down.