‘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.