It can be hard to ignore the negative headlines regarding the state of the rental market in the UK. For investors the constant stream of stories about millennials being trapped in a cycle of renting might mean good business, but at what cost?
It’s true that investors rely on a growing pool of long-term renters, but the ideal situation would be one that saw both parties benefit from the ballooning rental market.
But is it all as negative as the headlines like to make out? Or are tenants renting for other reasons beside having trouble getting on the property ladder?
Amidst journalists maximising on ‘generation rent’, some new research carried out by landlord insurance specialists Cover4LetProperty actually sheds some positive light on why lots of people opt to rent above home ownership.
The main objective of the independent study which was carried out in May was to delve into the reasons behind private renters moving from one property to another, and whether this was a result of the landlord or the property itself.
The results of the survey showed that although small numbers of respondents moved for negative reasons, more actually moved from one rented property to the next in order to experience living in a new place, with 38% of those asked saying that they wanted to move to a different area.
This is interesting as it puts into view the reasons why lots of people today enjoy renting, particularly millennials who are more interested in experiencing new places as opposed to accumulating property. Many young people today value adventure and personal development, something that the renting lifestyle facilitates perfectly.
The growth of the private rented sector makes it easy and accessible for transient renters to pick and choose where they live, and for what period of time. It is the private rented sector that makes it possible for young people to chase a career in London, explore the arts in Brighton or immerse themselves in the Manchester music scene without having to tie themselves to one place indefinitely. Whilst the private rented sector has its downfalls like any industry, it also makes possible the infinite variety of life.
Behind the majority answer of wanting to move to a different area (38%), other reasons for moving included wanting more space (20%), poor conditions (9%), the cost of renting (9%) and not being able to have a pet (7%). Just 4% of respondents cited not getting along with their landlord as the reason for moving.
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