The rise of 'generation rent'

The number of households renting in England and Wales has more than doubled since 2001, with data from the Office for National Statistics showing that the amount of people who own their own homes has fallen by half a million in the past decade.

The reality of increasing mortgage costs coupled with the spiralling cost of living, has caused prospective homeowners to reconsider whether now is a good time to take on the burden of home ownership. With former Bank of England governor Mark Carney warning that interest rates will remain high ‘for the foreseeable future’, this situation is unlikely to change any time soon.

This is leading to unprecedented demand for rental properties with supply struggling to keep up. At the end of last year, Rightmove statistics showed that tenant demand was up by 20% compared to the previous year, while the number of available properties was down 9%.

With demand soaring it’s no surprise that the private rented sector is the fastest growing tenure in the UK housing market, with Build to Rent playing an increasingly significant role. As well as providing a more affordable solution for many, Build to Rent appeals to people who don’t want the constraints of being tied down by a long term mortgage and all of the responsibilities that come with maintaining a home.

Generally considered a product for young professionals in urban locations – with cities like London, Manchester and Birmingham seeing huge growth – Build to Rent ultimately offers convenience. Whether that’s a city-centre location close to transport links, shopping and restaurants or on-site amenities such as a gym, co-working space or concierge, renters are being attracted by the freedom and flexibility Build to Rent offers.

In a world where people want to work flexibly and remotely when and where they want, have easy access to city centres for work and leisure and live in purpose-built homes with amenities on their doorstep, Build to Rent is the future.?