Young adults lie behind growing rental demand, analysis shows
The agency’s latest market snapshot says: “Rising rents mean the amount of rent paid by tenants has more than doubled since 2008 and has topped the 2017 peak, despite there being around 275,000 fewer private tenants than there were five years ago.”
Meanwhile, Millennials – yet another demographic group, those born between 1981 and 1996 – paid 49 per cent as much rent as they did in 2017 as more of them bought properties.
Hamptons says: “Generation Z’s rent bill is rising at a faster pace than when the previous generation, Millennials, started to leave home during the 2008 downturn, with far fewer buying their own place. And on their current trajectory, they are likely to be paying more than Millennials within the next three years.”
It adds: “The Millennial rent bill has fallen by nearly half from 2017 as many renters between their mid-20s and early 40s bought their first home. Despite tumbling homeownership rates over the last two decades, it is likely that Millennials collectively will be paying less rent than their predecessors, Generation X by next year.”