In recent years, we have seen the trend towards more flexible living increasing. Short-term lets used to rarely be for less than six months, but things have now changed. Need an apartment for a night or a month? No problem. Residential Estates have a number of such apartments in the heart of popular cities such as Manchester and Chester.
Read on to find out why the rise of flexible living in the UK is an opportunity if you are an investor or if you are looking for a base to live for a shorter time.
Cities are the Perfect Base for Flexible Living
Commuting from the suburbs to a job in the city needs no longer to be the case for the employed. With quality accommodation on the door step of big employers, city-centre living is a popular choice for those who want to spend more time enjoying the city and less time on the daily commute. If your job re-locates, re-locate with it, is how many people are now seeing their career, especially before children come into the equation. More flexibility with work can pay dividends with your employer too, escalating you up the career path quickly as you prove your commitment to the firm.
More Job Flexibility
Shorter contracts, more temporary roles to try out and the opportunity to have a portfolio career have all lead to more job flexibility in recent years. People are more transient, travelling more for business and demanding more career breaks and more flexible terms. All of these factors mean that there is a rise in demand for quality rental properties that give the comforts of a base to call home but without the commitment of a mortgage or a high cash deposit to find.
Hotel Room versus Short-Term Apartment Let
There has clearly been a rise in demand for short-term let apartments for when a job demands you being somewhere for a short length of time. Maybe you have been tasked to manage a project in a city away from home. Now you have a choice instead of always staying in a corporate hotel. Costs are comparable per night for a short-term let apartment versus a hotel room, but you will have the benefit of more space if you choose to let the apartment.
Having your own front door to welcome you at night instead of a hotel corridor and the ability to cook as you choose can save you a great deal of money during a work contract away from home. Why waste your hard-earned cash while you are working away from home on eating out when you can feel more at home with your own kitchen and also have the extra room to relax after your meal? By choosing an apartment let, you will feel more like a local than a visitor to the city.
Generation Rent and a Changing City Centre Landscape
According to Business Leader Magazine, ‘Generation Rent’ - the Generation Z and Millennial renters who are unable to get a foot on the home-purchase ladder - is reshaping the UK property market.
The two big trends transforming the property landscape are the rise of ‘Generation Rent’ and the falling number of retail stores on UK high streets, which opens up properties for other uses. Property developers in city centres are now looking for alternative uses for grand buildings and short-term lets are a sensible solution to get keen renters closer to the nightlife and avoid the daily commute by living in the heart of the city.
City and town centres are becoming a place to live, work and play rather than just to shop so the shape of flexible living will continue to appeal to the next generation too.
With gyms, cafes, bars, shops and other services all on your door step, it is clear that there is appeal for the property investors who are making money from this trend. It is also good news for people looking for high quality accommodation close to the action.
Technology is Fuelling Flexible Living in the UK
The laptop lifestyle is also something here to stay. Start-up business owners no longer need to buy premises to create a business and lifestyle of their choice. Technology facilitates working where you want for many careers today, so why not base yourself in Manchester for a month then up root to see what Edinburgh or London has to offer? Flexible short-term lets are the perfect base for business owners who need to keep in touch more than they need bricks and mortar premises. This is another trend fuelling demand for short-term let contracts and flexible living spaces. As long as your accommodation has Wi-Fi, you can now be connected to the world, wherever you live.