After the Bank of England raised interest rates to a 15-year high of five percent this week, it is not just mortgage holders who are bearing the brunt. Many tenants across the country have now been left fearing their rents will rise drastically as landlords are faced with increased costs.
Finn Jaradd, 41, who lives in Manchester city centre, says he is one of the lucky renters who is not being affected by rising rents. The tenant, who pays £825 a month for his one-bed flat, says his landlord has agreed they won't be increasing his rent - and that the price he pays hasn't changed at all in the three and a half years he has lived there.
It is because of his 'exceptional' landlord, as well as the location of his flat, that Finn has "no desire" to ever own a property. Finn spoke to the Manchester Evening News as part of our Where I Live series, where each week we chat to tenants and homeowners about their journey, the costs involved and see how they've made their home their own.
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Finn, who works in the travel industry, has rented in Manchester for the last 20 years. He has lived in different areas such as Hulme and Chorlton, but for the last decade he has resided in the city centre.
“I used to work in the hospitality industry and would work really late nights. I personally chose to pay extra to rent in the city centre over paying for taxis to get home. I liked the fact I could walk everywhere," Finn told the Manchester Evening News.
Finn used to rent with a friend but after his mum tragically passed away, he decided he wanted to live alone.
“In 2019 I shared a flat with a friend in the same building where I now live. My mum sadly passed away later that year, and, after she died, I needed a lot of time on my own. I then decided to move in on my own.
"I went into 2020 looking for flats, and I actually ended up moving into this flat on the same day the very first lockdown was announced."
As he was flat hunting prior to the pandemic, Finn says he found the process incredibly easy.
“I wanted somewhere that was modern, nothing huge, but enough space for me. I just wanted somewhere I could really make a home," he said.
"For me, my home is a really safe space, it’s the safest place that I consider within my life so when I go home it is important that I feel really comfortable.
"Although renting, I wanted somewhere that felt like my own home as opposed to just four walls that I was paying for.
"Location was also really important as I work in the city centre."
Finn says he soon came across a one-bed apartment in the same building that he had lived in for the last three years.
"After a quick Google search I remember showing my friend that there was a one-bed flat available in the building we were already in," he said.
"It was two floors up, so I went and viewed it and I took it straight away.
"With this apartment the location is perfect, I have no commute time for work or no travel time for a social life, it’s all within walking distance."
Finn pays £825 a month for his one-bed flat - a price which hasn't changed since he moved in despite the recent interest rate rises.
“I am exceptionally fortunate as my landlord has agreed that I won’t have a rent increase," Finn said.
"My rent has stayed the same for the last three years. She has also agreed that I can stay in my flat long term so I couldn’t be more fortunate.
"I get my own space with furniture included for that price so I think it’s a good deal. With bills included I pay a total of £1,130.
"I thought the price was really reasonable when I moved in three and a half years ago, but even more so now with rents rising."
Finn says that he has done a lot to his flat since he first moved in it, as he says it previously resembled a "white box."
“When I first went to view it, I just remember it being really sparse. It was furnished with a basic bed, sofa, kitchen table, TV unit, wardrobes and bedside tables, but it had no character. It was just like a white box," Finn said.
“I didn’t do a great deal at all when I first moved in but then as the lockdown came I started to do things like paint the walls. I had a flood so then the floor got replaced and then as time’s gone on I’ve just added soft furnishings.
"Aside from the paint and the floor, everything I’ve done to it has just been soft furnishings."
Finn admits that he has been very lucky that his landlord has let him take the reigns, as some tenants aren't able to renovate their rented homes.
“A huge reason why I love living here is down to my landlord, they’re exceptional and the best landlord I’ve ever had," he admitted.
"Most renters have limitations with what they can do with their place, but I have been allowed to do so much to it as long as I run everything by them.
"When I first moved in a few things needed fixing such as the kitchen sink, fridge and shower hose, and they replaced everything with no qualms.
"They also gave me the freedom to paint every room, choose the floor I wanted and pick out a new sofa. Being able to do that so that I could make the place my own has made such a difference."
Giving a walkthrough of his apartment, Finn described: "As you come through the front door you’ve got quite a long corridor, the first door on the right is a tiled bathroom with a shower, floating sink, toilet and bath.
"On the left you have a utility room and then down the hallway on the right you have my bedroom which is huge. It has a king-sized bed, a 50-inch plasma, two double wardrobes, two bedside tables, a set of drawers and a cupboard.
"Straight to the end of the hall is the lounge, kitchen and dining area. It’s all open plan with a corner sofa, dining table and a galley kitchen, and then doors lead out onto a Juliet balcony."
Finn says he would describe his interior style as "modern and minimalistic".
“I’d say it’s quite modern but comfortable. I don’t like to have a lot of things left out, I’m quite minimalistic, and I always like my home to be pristine," he said.
“The lounge is my favourite part because of the addition of the new sofa. I’ve got loads of candles, loads of nice pictures and things dotted around to make it feel more homely."
Speaking about his plans for the future, Finn says he can see himself living in his flat long term.
“I’m planning on living here as long as possible. I’ve been here for three and a half years and they’ve said I can stay here as long as I need, as a long-term tenant.
"I think as long as I can feasibly afford to live there and unless my circumstances change then I can’t see any reason to move.
"I don’t think I’d find another flat like this. I’ve looked at other similar properties online recently and they’re around £900 to £1,000 and they look really run down."
Finn says he has no desire to ever own his own home and will happily rent forever.
“I’ve never had the desire to own a property, ever. I don’t see the value in it," he admitted.
"I’ve moved around a lot, probably lived in about 15 different places in Manchester, and I think renting gives you that freedom of not being tied down.
"I don’t think I’ll ever own anywhere, I just don’t have the desire to at all. I place more value on having a life, so nice dinners and holidays.
"You can still have a nice home without having to buy one. Yes I can’t knock walls down or build extensions but it suits me."
Giving advice to any renters, Finn said “Make sure you do your research on the property and your landlord. If you find a good landlord, keep hold of them.”
Want to feature your home in our Where I Live series? If so, please email your details to phoebe.jobling@reachplc.com.
