Property Guardianship provides a solution for Gen Z & Millennials’ Hit Hard Financially By COVID-19
According to research carried out by SpareRoom, one in four people aged between 18-40 have been forced to borrow money as a direct result of the COVID-19 pandemic.
Pay cuts, unemployment and furloughing have hit younger people the hardest, with 43% of 18-24 year olds and 30% of 25-40 year olds seeing their income reduced as a direct result of the pandemic. The result is that 32 % of 18-40 year olds have had to borrow money to pay for their rent and 16% have had to move back in with family to save money in the last 12 months.
With income reducing and living costs rising young people are finding themselves priced out of city living. But as the economy opens up and jobs draw younger people back to our city centres, low-cost and realistic housing options are needed.
Protecting vacant buildings, in return for affordable accommodation in prime city-centre locations could provide one solution. Property Guardianship offers a win-win for both guardians and property owners. Empty buildings are converted into unique, temporary and affordable living spaces, in exchange for securing the property. Beautiful and often historic buildings are given a new lease of life, protected from anti-social behaviour and dilapidation and stopped from becoming a boarded-up eye sore.
Guardianship properties range from 1 bedroom flats through to large shared houses, with everything in-between. The majority of guardianship properties are lived in for over a year with some guardians living in the same property 5 years plus. Property guardians are legally entitled to 28 days’ notice and in the vast majority of cases similar properties are lined up for guardians to move straight into when their licences come to an end.
“DEX has been a god send. I am so happy to have found these people. I’ve been able to pay off my debt and live comfortably thanks to being a Guardian. Guardian life isn’t for everyone, but for me living in their properties has certainly helped me get myself sorted out financially.”A DEX Property Management Guardian
How to become a property guardian…