The narrative from some activists and pressure groups is that private renting is some kind of ordeal endured by those who cannot afford to buy – but a new survey shows that simply isn’t the case.
The residential rental company UNCLE has conducted a survey to reveal the public’s thoughts on renting – from how long people plan to rent, to which generation most prefers the flexibility of renting.
– How long do people plan to rent for? Renting may be a stepping stone into buying a property or trying out a new area, but how long do people actually plan to rent for?
The most popular duration of time to rent is one to two years, with almost one third planning to rent for this long. Nearly a quarter of respondents said they plan to rent for three to four years, and 1 in 10 planning on renting for five to six years.
The survey suggests that the majority of people tend to plan to rent for a shorter period of time, as just eight per cent say they intend to rent for seven years or more.
However, nearly a quarter of residents plan to always rent, with 15 per cent of residents saying they like renting because it gives them the freedom to live wherever they want. Almost 1 in 5 baby boomers – those aged between 55 and 74 – want to rent for as long as possible.
– So, is buying a home all it’s cracked up to be? Baby Boomers seemingly do not want or feel the need to buy a house, with nearly one in five of the generation thinking there’s too much emphasis on being a homeowner.
The trend with this opinion grows steadily throughout the generations – 12 per cent of both 16 to 24 year olds and 25 to 39 year olds agree that there is too much importance placed on owning a home, with 15 per cent of 40 to 54 year olds also agreeing.
– Countries around the world renting the most: Switzerland takes the top spot as the country around the world with the most renters. Some 61 per cent of residents in the country rent in the private sector.
Germany has the second highest percentage of residents renting in the private sector, with 54 per cent choosing to do so.
All the research was conducted by UNCLE.
This post has originally been featured in Letting Agent Today.