Why Young Professionals are Choosing to Rent in Liverpool
For a lot of years now, Liverpool is a city that’s been on many investor’s radars. With some of the UK’s highest rental yields, most affordable property prices which are significantly growing in value, and high demand from a wide range of tenants, more and more savvy investors are getting involved with the Liverpool buy to let scene.
Demand is no doubt a huge part of any investment’s success, and one of the most popular groups of tenants in the UK which are driving demand for rental properties are young professionals. Many investors view young professionals as the most desirable tenant. Not only are this group actively looking for rental properties, but they’re also more likely to pay higher amounts in rent for properties that are well located, stylish, and modern.
In cities like Liverpool, with its many business opportunities and thriving graduate scene, there’s an abundance of young professional tenants seeking their next perfect property. In fact, demographic figures show that Liverpool’s population of young people is higher than that of England as a whole, with 42.3% of people under the age of 30 living in the city. So what is it exactly that attracts so many young professionals to Liverpool? And what does this mean for buy to let investments in Liverpool for 2024 and beyond?
We spoke to three young professionals that are currently renting apartments in the city centre of Liverpool to find out more about their renting decisions, and what they love about living in Liverpool.
Sam, 22 | Rents in the L1 Postcode
I chose to live in Liverpool’s city centre mostly due to the career and social opportunities it affords. Here, I’m within walking distance of where I work, so I no longer have to spend time and money on getting to and from my job each day. Also, after growing fond of the city when studying here at University, I wanted to be closer to the city centre so that I could go out with friends and participate in ongoing events whenever I wanted. There’s always something going on in Liverpool, so it’s great being close by so that you don’t miss out!
Finding an apartment if you’re a student isn’t difficult, as there are plenty of options conveniently within reach of the different colleges and universities, but if you’re someone working in the city, it’s a little bit harder, particularly if you want more space. It took us a while to find a flat that had the right amount of space and one that was within our price range, but we managed to find something great, which is within walking distance of the Baltic Triangle area and the Albert Dock.
Again, I like living in Liverpool because it’s an exciting and vibrant city and one that I’m comfortable with and know quite well after studying here at university. When it comes to going out with friends and also going to gigs and events, it’s always my go-to spot, and there’s quite a lot of variety in the area, too, depending on what you’re looking for. The people are always friendly, and there’s something here for everyone.
Libby, 21 | Rents in the L2 postcode
I love living in the city centre of Liverpool. Ever since finishing University and finding a graduate job in the city centre, I knew I wanted to get myself in the middle of all the action. There is so much to do, and the city isn’t too big that it’s overwhelming either. I have always preferred living in the inner city; this is why I liked living away in Birmingham for University. However, I find that Liverpool has a great sense of community which is unbeatable compared to everywhere else I’ve lived. I live within a 10-minute walk from the office, which is very convenient and means I can get up and go every morning!
In terms of finding the right place to live, we found it a little tricky. We were looking for an apartment that met all of our requirements – based in a good location, a new build with modern features, furnished with stylish furniture pieces, and not too out of our budget (although we were willing to pay extra for the right place).
During our search, we found a few properties in more suburban parts of Liverpool but didn’t want the hassle of travelling to and from the city centre for work every day, even if the cost to rent was a little higher in the city centre. We wanted something modern yet simplistic, and the place we ended up getting was just that. The flat I live in has also been great for me while working from home as I have space for a desk area, and I even have my own private balcony that I’ve really made the most of during each UK lockdown. I was quite insistent on finding a flat with a balcony, and when the first UK lockdown came about last March, I was so grateful that I did.
Jamie, 25 | Rents in the L2 postcode
I’ve lived in the city centre for a couple of years now, having moved here permanently after graduating university. I’ve been renting in the city for three years, and while I would eventually like to buy my own house, I don’t see any rush. At the moment I enjoy renting as it gives me more freedom to move around if I want to, and I like the added security of living in an apartment building. I also prefer living in newly built apartments because they come with fewer problems like damp, and don’t need repainting to look good. Let’s just say I couldn’t wait to move out of my shared student house after graduating!
I like living in central Liverpool because I love to be close to the city’s nightlife and shops, not to mention not having to rely on public transport to get around. I can walk everywhere I need to go, which is perfect for me as my office is based just a ten-minute walk away. If I need to visit other parts of Liverpool, such as going for a drink on Lark Lane, I can just hop on a bus or train. During lockdown, I’ve been walking a lot more and venturing outside of the city centre to some local parks like Sefton Park.
Liverpool is such a loud and energetic city with loads going on. When we’re not in lockdown, I spend a lot of time in bars and event spaces within the Baltic Triangle and Castle Street, so it’s great to live right in the midst of this. The scenery in Liverpool city centre is second to none, with so many amazing buildings and structures to admire. I often jog along the riverside near the Albert Dock and the views on a sunny day are incredible!
What Do Young Professionals Want From Liverpool Property?
From reading about the viewpoints and experiences of those choosing to rent in Liverpool, a number of things become clear. The majority of young professionals are looking for new-build apartments, favouring the contemporary features that come with newer properties.
Location is a huge factor in the decision-making process, with some young renters willing to spend more to live in a property that was based in, or within proximity of, the city centre. While qualities like a balcony were always in high demand, they’ve become even more coveted during the Covid-19 pandemic. Being stuck inside day after day, having access to a balcony or terrace is a great way to get some fresh air, and investors that are looking for city-centre properties during this time should keep this in mind.
Ready to Invest in Liverpool Property?
There is a mix of young professionals living in the city centre, including those fresh out of university and those who have been working in professional roles for a number of years. While some young professionals are planning on buying a home of their own in the future, many are satisfied with renting for the time being as they feel it offers them a sense of freedom compared to homeownership.
If you’d like to take advantage of Liverpool’s thriving rental market, get in touch with RWinvest today or head over to our Liverpool property investment page. With properties in some of Liverpool’s top postcodes, and yields of up to 8%, our investments are the perfect opportunity to tap into the Liverpool buy to let market.