According to recent research, if the trend of renters not moving onto the property ladder continues at current rates the UK will see more renters than owners by 2039.
Home owners currently account for 65% of the housing market, which is a fall of 5% since 2010. Projections suggest that this become 51% renting and 49% owning within the next 20 years.
Given that the numbers in social rented accommodation have reduced, it is thought that the trend is motivated by people making a conscious choice to rent, rather than being driven by necessity.
The findings are supported by YOUR MOVE’s Rental Tracker, which concludes that the rental market is continuing to grow steadily.
Katherine Rose, PRSim’S Director of PRS & Build to Rent Client Services commented that the PRSim tenant survey also backs this research up and confirms that year on year there is an increase in the number of renters across all age groups. With a range of good quality rental accommodation from houses to high amenity apartments available across the UK renting is increasingly becoming a lifestyle choice and somewhere that can be called home. With the recent changes in legislation, which quite rightly benefit tenants if this is coupled with a good landlord and property manager renting shouldn’t be considered a necessary evil.
PRSim is a leading provider of services to the Private Rented and Build to Rent sectors (PRS and BTRS). This includes site sourcing, a full range of consultancy services, lease up strategies and operational management. Part of the LSL Property Services plc (a leading provider of residential property services incorporating both estate agency and surveying businesses), the asset management division has been managing PRS properties since 2008 and, with the recent launch of PRSim, it has seen significant investment in integrated technology and systems to provide a customer centric management solution for clients and residents alike.