In recent years there has been a dramatic shift in relation to how lettings is perceived by the general public, whilst in other European nations many people rent for considerably longer periods of time, it is mainly in the UK where more people purchase their own home.
Lettings has been seen previously as a half way house between living with parents and owning your own home, but is now seen as a viable long term alternative for those who either cannot afford to purchase a home, or who prefer to not be tied in for longer periods of time than you are with a rental property.
“With more people attending university than ever before, many young people are becoming mobile in a search for the best courses (or the best nightlife) tend to forge deep friendships with those they live with.” Explains, Carl Fraser, (Lettings Negotiator for Intire) “For many renting accommodation either through their university or the private sector during their student years, expands beyond graduation as they continue to enjoy the independence of their youth.”
As such shared accommodation remains popular beyond and is considered the norm, with most students remaining in their university city and choosing to settle with friends and splitting the rental costs between them. Sociological norms have shifted as well; with many young couples now choosing to reside together as a co-habiting couple as opposed to being married beforehand.
New groups to the market, are not exclusively young however, many of a mature generation are also turning to the lettings market for accommodation. Once children have grown up and moved into their own homes an increasing number of parents are downsizing into smaller accommodation. Normally this would mean the purchase of another property, but with fewer properties up for sale, many are choosing to rent for the interim period.