What is Generation Rent?
Fair question, it’s easy to get confused because they are two different groups with the same name.
- A campaign group that is calling for greater legal protection for tenants.
- A large proportion of the population who have little to no chance of owing their own property within the next five years.
This has hit the news recently for two reasons, Labour calls for legislation to give tenants more rights and the release of several reports that have given some shocking insights into the current generation of renters.
Halifax’s 'Generation Rent' report said that “A fifth (21%) of non-homeowners ages 20-45 have already given up on the prospect of owning a property – this rises to 43% among 40-45 year olds.
“Just 16% have a realistic plan to buy a home within the next three to five years.”
While NatCen’s report 'The Reality of Generation Rent' said that “69% of 20-45-year-old non-homeowners are cutting back on their spending to save for a deposit”.
This has caused fears of an economic ‘split’ within the country, especially now it has been found that home ownership is at a 25 year low.
With so many more renters in the market to stay it’s hardly surprising that enterprises like RentalRaters have sprung up. RentalRaters is being touted as ‘landlord referencing’ allowing tenants to leave reviews of their landlords for new tenants to see before applying for a property.
Generation Rent could be a growing force in the country as their numbers rise, and politicians are already trying to sway their vote by offering more protections and longer tenancies. This is definitely something to look out for.