Why People Rent Properties?
In today’s climate the difficulties in raising a mortgage deposit is cited as the main reason for renting across all the age groups. Since the 1990s the rented private sector has been rising rapidly and currently sits at 4.14m in England and it is estimated that the private rented sector is set to rise to 5.7m by 2018.
According to the 2011 Census, the biggest group of renters (33%) are aged between 25 and 34.
They are closely followed by those aged between 35 and 44 which account for ( 24%) of those renting privately.
These older renters are the fastest growing segment, which is the most interesting find as this suggests that people are renting for longer. This shows that people are renting through choice rather than necessity and is a reflection on the professionally managed amenities and tighter regulations for the tenants and landlords. A better quality in the private rented sector prompts more people to rent.
The combination of the higher house prices, and deposit requirements, mean that it is nearly impossible for the first time buyer to save a deposit and this was reflected in the census showing that “the inability to afford a deposit” was the most significant reason given for renting across all market sectors, but particularly with the under 45s.
This too was closely followed by 33% respondents mostly aged 18-24 stated that renting was a choice in that they preferred the flexibility of being able to move location; presumably students relocating to study at universities.
In today’s climate the difficulties in raising a mortgage deposit is cited as the main reason for renting across all the age groups. Since the 1990s the rented private sector has been rising rapidly and currently sits at 4.14m in England and it is estimated that the private rented sector is set to rise to 5.7m by 2018.
According to the 2011 Census, the biggest group of renters (33%) are aged between 25 and 34.
They are closely followed by those aged between 35 and 44 which account for ( 24%) of those renting privately.
These older renters are the fastest growing segment, which is the most interesting find as this suggests that people are renting for longer. This shows that people are renting through choice rather than necessity and is a reflection on the professionally managed amenities and tighter regulations for the tenants and landlords. A better quality in the private rented sector prompts more people to rent.
The combination of the higher house prices, and deposit requirements, mean that it is nearly impossible for the first time buyer to save a deposit and this was reflected in the census showing that “the inability to afford a deposit” was the most significant reason given for renting across all market sectors, but particularly with the under 45s.
This too was closely followed by 33% respondents mostly aged 18-24 stated that renting was a choice in that they preferred the flexibility of being able to move location; presumably students relocating to study at universities.