More renting for longer in UK
Letting agents in the UK will no doubt be happy to know that more
people in the UK are now renting for longer, according to research
The property group believes that the amount of households in the
private rented sector is set to rise by one million in the next
five years. In 2011 the most up to date figures stated that there
were 4.3 million households in the UK private rented sector.
Although the largest rental group is currently those aged between
25 and 34, the fastest growing demographic is the age group 35 to
44. Savills has labeled this group ‘Generation Rent’ as
they may never own their own home.
A Savills' survey, conducted by YouGov, found that younger tenants
sought out greater flexibility with regards to their rental
agreement, while over 35s generally wanted a longer tenancy.
A total of 2,300 tenants were interviewed in the survey.