Would you like a flat with that?
With the continuing rising price of rent, what was once a rite of passage, has become the height of human achievement for Millennials and Gen Z.
But is it really these generations’ everyday luxuries that are holding them back from building their own property empires, or is it the rising rental prices that no other generation has experienced before?
We thought it would be interesting to explore the value of your rental property in popular everyday luxury purchases!
We have done this by researching the prices of the most expensive one bed flats in London and the cheapest UK one bed flats to compare how many avocados, Starbucks pumpkin spice lattes, Domino’s pizzas and iPhone 12 minis you would need to cover one month of rent.
We did the same with the most expensive and cheapest four bedroom houses in the UK.
Let’s have a look at the facts!
Avocados
If you thought Millennials and Gen Z were avocado-obsessed, Gen Z are on a whole new level! It turns out that according to research by Barclays, Gen Z eats 226 per cent more avocados than millennials.
Today’s students are shying away from the usual student pastimes in exchange for healthier habits; like eating avocados!
The current price of an avocado is £0.85.
For a one bedroom flat with an average price of £1,998 per month, it would take 2,351 avocados to cover the rent in the city of London, which unsurprisingly is the most expensive location in the UK.
In Burnley, which is amongst the cheapest locations to rent in the whole of the UK with an average price of £370 per month, it would take 435 avocados to cover a month of rent for a one bedroom flat.
In addition, for a four bedroom house in Westminster, which is the most expensive location in the UK with an average of £7,323 per month for rent, it would take a whopping 8,615 avocados to cover one month of rent.
Finally, settling in a four bedroom house doesn’t have to cost the earth in Hyndburn, which is amongst the cheapest locations to rent at an average of £695 per month, it would take 818 avocados to cover a month of rent.
Starbucks
@dougboneparth, President of Bone Fide Wealth said on Twitter: “
Starbucks invented the Pumpkin Spice Latte so Millennials could never afford to buy homes.
While this may seem like a wild exaggeration, Millennials and Gen Z for that matter, are finding it difficult to get on the property ladder.
This drink still and probably always will have a strong fan base, particularly amongst the younger cohort and while some may feel that it’s time to cancel this autumn drink, it doesn’t seem to be going away anytime soon.
The current price of a Pumpkin Spiced Latte at Starbucks is £3.55.
For a one bedroom flat in the neighbourhood of Islington , with an average price of £1517 per month, you would need to buy 427.32 pumpkin spice lattes to cover the monthly rent. This seems like a ridiculous amount even for the caffeine addicts among us!
In North East Lincolnshire, an area with excellent rental prices and with an average price of £368 per month, it would take just 103.66 pumpkin spice lattes to cover a month of rent for a one bedroom flat.
For a four bedroom house in the bustling government area of Westminster Buckingham Palace, with an average of £7323 per month for rent, you would have to buy a ridiculous 1892.11 pumpkin spice lattes to cover one month of rent. Finally Hartlepool, which is a large port town in County Durham is amongst the cheapest regions to rent, at an average of £695 per month, it would take 195.77 pumpkin spice lattes to cover a month of rent.
Netflix
Netflix is the king when it comes to Millennials streaming video preferences, Gen Z prefers YouTube and TikTok.
A new report suggests that Millennials spend an absurd amount of time watching Netflix in their lifetimes. According to a survey by HowToWatch.com, Millennials reportedly watched 6.6 hours of Netflix a day, which amounts to 46.2 hours per week- 16% of their life span.
The current price of a standard Netflix package per month is £9.99.
For a one bedroom flat with an average price of £1,508 per month, 151 Netflix subscriptions would cover one months rent in Camden. Camden is one of London’s most expensive boroughs and this is thanks to its grungy and alternative reputation.
For those with a smaller budget, County Durham is a great option because it is one of the cheapest locations to rent in the whole of the UK with an average price of £350 per month, you would need to have just 35 Netflix subscriptions to cover a month of rent for a one bedroom flat which we think is a bargain!
Additionally, for a four bedroom house in Hammersmith and Fulham, which is the third most expensive area in the UK with an average of £4,117 per month for rent, it would take 412 Netflix Subscriptions to cover one month of rent. That’s a lot of time in front of the screen, even for Gen Z and Millennials!
Finally, for a four bedroom house for those looking for cheap prices, Hartlepool in North East England is a great option, it is amongst the cheapest areas to rent at an average of £695 per month, it would take 70 Netflix Subscriptions to cover a month of rent.
Dominoes
Everyone loves Domino’s, it fulfils every pizza craving you may have had during the day at work or university, it’s also been a staple during lockdown.
Domino’s is doing a great job at targeting both Gen Z and Millennials by making online ordering as easy as possible. Users can order their pizza through social media platforms like Facebook, Twitter or even Apple Watch! Consumers can quite literally order a pizza with an emoji, which we think is ingenious when targeting young people.
The current average price of a medium Domino’s pizza is £17.49.
For a one bedroom flat in the affluent neighbourhood of Kensington & Chelsea with an average price of £1,950 per month, it would take 111 Domino’s pizzas to cover the monthly rent.
In Darlington, which is on the other price scale and is amongst the cheapest places to rent in the UK, with an average price of £350 per month, it would take just 20 Domino’s pizzas to cover a month of rent for a one bedroom flat.
If you’re looking to rent a larger property, for a four bedroom house in Islington, which is one the most expensive location in the UK, with an average of £3402 per month for rent, it would take 195 Domino’s pizzas to cover one month of rent, which seems slightly excessive even for the biggest pizza lover.
Hyndburn is a great location for families wanting to have more disposable income as it is amongst the cheapest regions to rent, at an average of £695 per month, it would take 40 Domino’s pizzas to cover a month of rent.
Apple iPhone
Representing nearly half of the entire population, Gen Z and Millennials have grown up with mobile technology at their fingertips. The majority of young people no longer use landlines and expect a high quality camera in their phone too.
Because Millennials and Gen Z represent such a large percentage of consumer spending, major smartphone manufacturers are battling for their custom.
Apple is the biggest smartphone brand followed by Samsung.
The current price of an iPhone 12 mini is £699.
For a one bedroom flat with an average price of £1,998 per month, 2.86 iPhone 12 mini’s would cover the rent in the city of London, which doesn’t seem a lot, but Apple is known for being a luxury and therefore expensive brand.
In North East Lincolnshire, which is amongst the cheapest regions to rent in the UK with an average price of £368 per month, the price of a whole iPhone would in fact be too much, 0.53 of an iPhone 12 mini would take to cover a month of rent for a one bedroom flat.
Furthermore, for a four bedroom house in the third safest place to live in London; Richmond upon Thames, with an average of £3500 per month for rent, it would take 5 iPhone 12 mini’s to cover one month of rent.
For a four bedroom house in the North Yorkshire borough of Redcar and Cleveland, with an average rental price of £700 per month, it would take 1 iPhone 12 mini to cover a month of rent.
Let’s take a closer look at how many of each of these everyday luxuries would be the same as a month of rent around the UK…
What are the most expensive areas in the UK to rent a one bedroom flat?
However, the good news for young people looking to rent in London is that according to data published by Zoopla, for the year ending June 2021, rental prices are down by 6 per cent across London.
What’s more is that young people with a larger budget looking at more expensive properties in the city centre can benefit from the greatest reduction with prices down by 8.5 per cent with properties renting for £1.582 on average. The London borough that saw the greatest reduction in rent prices was Tower Hamlets.
What are the cheapest areas to rent a one bedroom flat in the UK?
In contrast, the cheapest places in the UK would barely snag you half the latest iPhone 12.
What are the most expensive areas to rent a four bedroom house in the UK?
Unsurprisingly, London tops the list for most expensive places to raise your family, with greener areas like Richmond upon Thames making the list, thanks to the great schools and parks in the area.
Shockingly, you could kit out your immediate and extended family with the latest iPhone and not a single person you know would go without a Netflix account for the cost of just one month in these boroughs.
While in contrast, you won’t be blowing your tech budget if you choose to raise your family in Kingston upon Hull – saving your pennies towards a daily coffee treat!
What are the cheapest areas to rent a four bedroom house in the UK?
So, what can we take from all this?
It’s quite shocking how many luxury items you would need to buy to cover a month of rent!
Younger people may be spending more on everyday luxuries than previous generations and yes wages have increased, but these increases haven’t been enough to warrant how expensive rental prices currently are or to blame young people for the fact that they’re having difficulties getting on the housing ladder.
We can also take note that if you’re looking for a larger four bedroom house to a smaller one bedroom flat, the north of England is probably your best bet for saving those much needed pennies!
