Flexibility and the changing perception of renting, coupled with an increase in properties available to rent are among the reasons, in Peter’s opinion, why almost three times the number of people in their 30s and 40s in England are now renting from a private landlord compared to 20 years ago.
The figures, as reported by The Metro, show that 27.6 per cent of ‘mid-lifers’ were renting in 2017, up from 8.5 per cent in 1997, and Peter emphasised that, due to this increase in demand, ‘the time is now’ for prospective property investors to act.
He said: “Renting offers flexibility to a mobile generation. The ease of maintenance of the property and the ability to move into something immediately mean that renting has become an attractive option for an increasing amount of people.
“Rental stock 20 years ago was limited but since then letting options have really opened up.
“In addition, the perception of renting has changed – traditionally it’s been associated with young professionals or students but other demographics are also now more frequently opting to rent.”
Peter offered his prediction for the rental sector’s future, including the build to rent phenomenon which is ‘spreading across the UK’.
“Build to rent sites are often large developments of apartments, which offer tenants inclusive bills, considerable amounts of communal amenities and space, gyms and concierge among other progressive features,” he explained.
“That, together with the availability of longer-term tenancies and the peace of mind that landlords won’t sell the property – or move back in – means that we could see this particular arrangement become increasingly popular.”
Meanwhile, The Metro’s report also highlighted that the current generation of over-65s are now far more likely (74 per cent) to own their home outright and to have paid off their mortgage than in the 1990s (55.7 per cent).