Generation Rent

Generation Rent is no longer simply theoretical. It’s here to stay for another decade, according to PWC, who say that by 2025 only 40% of Londoners will own their own home. That marks a U-turn on the situation in 2000, when 60% of Londoners were homeowners. By 2025, say PWC, the majority of 20-39 year olds will be renters.

This is standard practice in the rest of Europe and tenants will be looking to get greater security of tenure with rental contracts often lasting 5-10 years. Besides the security that offers to the tenant, landlords will have the benefit of tenants they know and can trust over a long period; no void periods to worry about; none of the expense and effort associated with having to find new tenants every year or so.

The rise of a long-term rental culture could also be seen to offer a more flexible and mobile lifestyle – a plus for young professionals who are still working out where they want to put down roots.  Renting will increasingly be seen less as a temporary last resort, but more as a viable and valid option. Good news for landlords and tenants alike.