One in three would be happy to rent for life
A new survey has found that a third of tenants would be happy to rent for life, citing reasons such as flexibility and buyer affordability.
Conducted by Hillarys, the poll found that over half were happy with their current rental situation, with 35% saying they would be happy to never buy a property and continue renting.
The top reasons given for favouring renting over buying a property included:
– 39% the ability to move from city to city quickly if required
– 27% property prices currently too high
– 14% not having to worry about costly repairs
– 9% didn’t want to live somewhere permanently
– 6% house buying too stressful to undertake
Tara Hall, spokesperson at Hillary’s commented on the data that: ‘We hear so much about how more people have to rent long term because they can’t get on the property ladder, but it’s interesting to see how many are actually happy with renting,
“Owning a property isn’t for everyone, especially if you like not being tied down or don’t want to spend months and months saving for huge deposits.”
The rise of renting
The historic advice passed from parents to children had always been to buy a property, pay off the mortgage and benefit from such a valuable personal asset.
But this survey amongst others shows how the attitude towards long-term renting has changed, which is down to a number of reasons including the return to city living and buyer affordability at the first rung of the property ladder.
And it’s not just the younger generations who are snapping up luxury apartments in the city in which they work.
The number if middle-aged renters have also been on the increase, with data analysis from the BBC showing that the number of 40-somethings renting from a private landlord almost double what it was a decade ago.
For this age bracket, other factors including affordability issues and also ‘accidental renters’ such as after a relationship breakdown.