UK rental trends 2020 - Why renting is the popular choice?

Rental trends are always changing. None of us knew what the implications to the rental market would be after the pandemic. However, one thing is for certain – it seems that renting is still very much as popular as it always was.

Here, we’ll explore what makes renting an attractive way of life. Just why is it so popular?

Fluid lifestyle

A lifetime of renting isn’t considered that off-piste these days. With more people seeking travel and career opportunities further afield or even abroad, it makes sense that renting would be the obvious choice. Whilst you’ll still be bound by a tenancy, it’s not usually as long as a mortgage term. In many ways, renting makes it much easier to come and go. You can get a feel for different locations before deciding on where you’d like to settle down on a more long term basis.

For many couples, gone are the days of only living together after marriage. Cohabiting couples have now become one of the fastest growing types in the rental market. Renting is often an opportunity to see whether you can live well together before committing to the joint purchase of a property. On that, if that’s something you decide to do as an unmarried couple, be sure to seek independent legal advice.

Finances

We hate to talk about money, but the fact of the matter is, it’s a huge barrier to those wanting to enter the housing market. With house prices hugely inflated in comparison to 30 years ago, and salaries that respectively haven’t inflated at the same rate, it’s no wonder that finances have a huge part to play in why we’re seeing an increasing number of lifetime renters. Particularly among young people, saving for a full house deposit is no mean feat. For many, there is no other option but to rent.

There’s more to it than that though. The financial benefits of renting are evident. Many tenants like knowing that any major fixes or renovations will be covered by the landlord (provided of course that there’s no fault on the part of the tenant), saving a lot of financial stress that comes with owning your own property.

Proximity to city centres

In the post-pandemic world, this is a big consideration. For a long time, rental trends had seen professionals flock to city centres. Whether it’s to be close to work or to be close to nightlife and amenities. Typically this is followed by venturing further out when the time comes to ‘settle down’.

However, rental trends are changing. A larger proportion of workers are now being advised to work from home on a more permanent basis. Are we likely to see a mass exodus by the city centre renters? Many people are taking advantage of the ‘more house for your money’ opportunity that comes with renting away from city centres. Following lockdown, renters want additional space for a home office and garden space. These are in fact listed as the top two priorities by renters.

Latest news from the rental market shows a shortage of available rental properties. That’s not a problem many saw coming. People are keen to secure their ideal properties in case of further lockdown.

At homes4harrogate, we’re regularly updating our property listings. Whether you’re a seasoned renter or stepping into the market for the first time, contact us today to start your journey.