“Generation rent” is a label used to describe an ever growing number of young people, 18–35, who cannot afford to purchase their home and probably never will.
Over the past 15 years, in fact, something has deeply changed in the UK. In the decade of 2001 and 2011, the numbers of households in the private-rented sector in England and Wales raised from 1.9 million to 3.6 million; with a drop of homes owned by mortgage of 15% — something is definitely changing indeed.
In other terms, the total number of people living in privately rented homes is now around 9 million, and for the first time, the number of private tenants now outnumbers those in social housing.
Could this get any worse? — Hint: Yes it can.
According to ONS, rent prices are skyrocketing like never before.
The average rent in the UK increases by 5.4% every year. This, at least, is if you don’t live in London, where rents go up by a shockingly 11.6% per year, making generation rent a hard reality to escape from.
What we think about this:
The current situation is made possible, amongst many factors, by the lack of rules and regulations in place for the private rental sector. Organisations such as Generation Rent are fighting for rent caps but, despite the great effort, such solution seems unlikely to happen for now. We believe that education and transparency could play an important role in this fight, which is why we made our mission to expose bad deals (as well as great ones) on ratedrents, through the power of data and technology.
Read more about who we are and what we do here.