A third of renters (33%) don’t plan to ever own their own home, up from a fifth (20%) in 2022.
A poll of more than 3,000 private renters across the UK reveals that a staggering 80% feel priced out of the housing market, with affordability the primary obstacle, particularly among those over 55, indicating a shift towards long-term renting across all age groups.
MRI Software found rising financial challenges faced by younger renters, with nearly half (48%) of 18–24-year-olds surveyed continuing to live with their parents or housemates.
“The research reveals a significant shift in renter behaviour, with affordability and financial pressures pushing the aspiration for home ownership further out of reach for many,” explains Dan Foryszewski, director for residential investor solutions. “The need for affordable housing solutions has never been more important.”
The North-South divide was also evident in the survey, with 32% stating their rent payments were between £400-600 per month; however, these respondents were predominantly based in northern parts of the UK while rent payments in the South averaged £1,000-1,500 per month where the supply of properties is more limited.
Fierce competition is driving up prices due to renters’ desire to live closer to amenities as priorities shift post-pandemic, finds MRI, as their preference for living in the city rose to 33% in 2024, up from 25% in 2022. This penchant for city living has particularly surged among younger renters who are opting for urban apartments over rural houses.
These younger renters are also placing a high importance on sustainability, making it essential for landlords and property managers to have an oversight of how energy is being used within the properties they manage, according to MRI.
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