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Generation Rent set to transform UK rentals – and the High Street

‘Generation Rent’ is transforming the UK rental market, driving change in rental property whilst providing real hope for revitalisation of the High Street, says research.

The Negotiator

Build-To-Rent property image‘Generation Rent’ is transforming the UK rental market, driving change in rental property whilst providing real hope for revitalisation of the High Street – says new research from MRI Software, a global property technology provider.

Their research shows that city and town centres are where Generation Z and Millennial renters – dubbed ‘Generation Rent’ because they’ve been priced out of the home purchase market – want to live. Their findings reveal that the standards they are demanding in rental accommodation promise to reshape the market and bring in a new level of professional property management. The findings of the survey of top executives and managers across the property industry reveal that:

  • Nine in ten (91%) say ‘Generation Rent’ prefer to live in town and city centres, so they can have easy access to amenities that suit their lifestyle – such as gyms, cafes and bars, shops and services
  • A similar proportion (90%) say residential rentals in UK town and city centres will become increasingly important for property owners
  • Four out of five (82%) say ‘Generation Rent’ is renting for longer, driving demand for higher quality properties
  • Almost three quarters (72%) see residential development of former retail premises as the route to giving the British High Street a new lease of life.

Trevor Youens, MD, UK Residential at MRI, says that ‘Generation Rent’ is here to stay and having a profound long-term effect on UK rentals. “Build-to- Rent projects targeting young ‘Generation Rent’ professionals are spurring improvements in the quality of property stock – with well maintained, professionally managed communities and modern amenities becoming more of the norm.

February 5, 2019

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