Cullen Property, Edinburgh's leading property investment, lettings and management specialist, has noticed a rise in the number of young professionals opting to live together in a rented property in Edinburgh. This trend, coined ‘hutching up’, has been happening in London for a number of years, due to unaffordable housing and to curb rental costs. However, it appears that this trend is on the move north with young professionals opting to live in HMO (home of multiple occupancy) properties, for a number of reasons.
Recent research from The Mistoria Group, reveals that there has been a 23% increase in the number of young professionals choosing to live with other unknown professionals or with work colleagues in a rented HMO after university.
Steve Coyle, operations director at Cullen Property, said: “Landlords and agencies should embrace the growing HMO trend and be able to adapt to the needs of busy professionals.”
A large number of young professionals move from job to job every couple of years; known as ‘career cruising’, in order to gain experience and advance their career. This often means moving from one city to another or being flexible and willing to relocate to work at a different office in another country even. Many professionals use forums and sites such as Flatshare UK and Gumtree to meet up with similar professionals looking to rent a property in the same city.
A lot of young professionals don’t want to live alone after university as they enjoy socialising and networking; which they became accustomed to as a student. An HMO property gives people a social hub where they can share living expenses, build relationships and perhaps even share career advice.
Renting also takes away the feeling of being tied down to a property or location and the responsibility of maintenance as that role lies entirely with the landlord or letting agency.