Renting a home has always been a pivotal milestone in the journey to adulthood. However, the traditional rental processes, laden with complexity and bureaucracy, can significantly impact the mobility of young people. In this blog, we'll explore the challenges posed by complex rental procedures and how they affect the ability of young individuals to pursue educational opportunities, seek career advancement, and maintain a flexible lifestyle.
The Complex Rental Process
The traditional rental process typically involves multiple steps, such as finding a property, submitting an application, undergoing background checks, providing references, signing a lease, and paying security deposits and rent. While these steps are designed to protect landlords and tenants, they can present significant obstacles for young renters.
Financial Barriers: Young adults often face financial constraints due to student loans, entry-level jobs, or the need to build credit. The demand for upfront costs, including security deposits and application fees, can be daunting.
Rental History: Many landlords require rental history, making it difficult for those who have never rented before. Young individuals may have to rely on co-signers or parents, which can be restrictive and burdensome.
Credit Checks: Credit checks are common during the rental application process. Young renters with limited or poor credit may find it difficult to secure housing.
Lengthy Leases: Traditional leases often have fixed terms, such as one year. This can hinder the mobility of young people, especially those who need flexibility for education or career opportunities.
Impact on Mobility
Complex rental processes can have a profound impact on the mobility of young people:
Hindered Education: Young individuals seeking higher education may need to relocate for specific programs or internships. Complex rentals can limit their ability to pursue these opportunities.
Career Advancement: To advance in their careers, young professionals often need to move to different cities or countries. Complex rental processes can be a major barrier to seizing job offers in new locations.
Entrepreneurship: Aspiring entrepreneurs may need to move to launch or expand their businesses. Overly complex rentals can deter them from taking these risks.
Personal Growth: Young people often need to explore different cities, cultures, and environments for personal growth and development. Complex rentals can stifle these experiences.
Solutions for a More Mobile Generation
To address the challenges posed by complex rental processes, both young renters and landlords should consider adopting alternative approaches:
Flexible Leasing: Short-term or month-to-month leases can provide greater flexibility for young renters. Landlords willing to offer flexible terms may attract a wider range of tenants.
Co-Living Spaces: Co-living arrangements, where multiple renters share a property, can reduce individual financial burdens and provide a supportive community for young people.
Innovative Housing Models: Startups are emerging with creative housing models that simplify the rental process and offer affordable, flexible housing solutions.
All-inclusive rents: More and more tenants, specially international travellers, opt for the all-inclusive model even if it comes at a premium.
Conclusion
The complexity of traditional rental processes can be a significant hurdle for young people in their pursuit of educational and career opportunities and a flexible lifestyle. Finding ways to simplify these processes and create more accommodating rental options can empower the mobility of the younger generation. As society evolves, so too should our approach to housing and rental practices, allowing young people to embrace the diverse experiences and opportunities that life has to offer.
Who are the pioneers of flexible housing?
Operators such as PHNX Coliving, Bold Hotels, Locke Living and The Social Hub are offering flexibility and community across Europe. Renting an apartment with any of these operators is easy and the entire process can be completed within minutes. Traditional requirements of renting an apartment such as credit check, deposit, guarantor, inventory and unnecessary paperwork becomes obsolete and is substituted by a fully digitalised customer journey.
