Large Number of lifestyle tenants Happy Not to Own a Home
UK House prices are out of reach for many people to be able to own their home with percentage of home ownership continually falling. However in many cases it is not just house prices that are the reason for renting a ‘home’, it is also about their particular lifestyle tenants choices.
A new industry term has appeared called lifestyle tenants and over 50% of the 1,400 that took part in the survey come under that umbrella.
Nearly one in three (31.41%) gave the reason for preferring to rent was because they are able to live in surroundings/areas that they would not be able to if they had a mortgage.
Interestingly of these lifestyle tenants, 33.8% said they did not want to spend any more than 20-30% of earnings on their housing needs and 11.78% y were not prepared to commit more than 20% of income on accommodation.
Marc von Grundherr, director of the residential lettings agent, said: “I think that in labelling Millennials as Generation Rent, the older generations are prescribing their own values onto the younger one. Whereas Baby Boomers or Generation X craved the stability and financial security of home ownership, today’s young professionals see things differently.
“Many dream of living and working abroad and don’t want the burden of a home. Others would rather have extra spending power rather than sacrifice for a deposit. What is very clear from this survey is that a significant number of tenants are in rented accommodation not because they can’t afford to buy, but because they are choosing to rent.”