Why Generation Rent are venting and going viral
Living in any major city can bring accessible transport links, a thriving social scene, and cultural cachet. But as inviting as these pros can be, there's one particular con pushing out even the most loyal city dwellers: the rental crisis. In October 2023, Rightmove revealed that the average monthly rent in London was £2,627 – a 12% rise from 2022. In Manhattan, New York City, rent costs hit record highs three times in just four months during the summer. As the crisis impacts cities and their inhabitants worldwide, content creators have been taking to social media to share their shock at what it’s like to rent in these global metropolitan hubs, with humorous content which has gone viral times over. Content creator El Güero Inglés’s video comparing expensive rooms to rent in London with Swedish prison cells has gained over 4.5 million views on TikTok. Elsewhere, a video from News EU showing hundreds of people queuing to view a two-bedroom flat in Sydney gained 1.6 million views.
With online content mocking the rental crisis proliferating, the videos are reflective of how people are using humour as a means to cope with a sense of dread and uncertainty about living in major cities and how it’s becoming increasingly untenable. The increasingly high costs of real estate and challenges faced by young people in entering the property market mean many are looking for joy during dark times. As 12% of Gen Zers and 18% of Yers in the US say they believe homeownership won't be possible in their lifetimes, there’s an opportunity for brands to facilitate community and dialogue, helping to spread advice and reframe narratives around what is and isn’t possible for aspirational home seekers.
