Families Flock to Rentals: A Growing Trend
- Sarah Ruivivar
- 7 days ago
- 2 min read
There's been a seismic shift in the housing landscape, and it's all about families moving into the private rental sector.
According to specialist lender Perenna, the number of families renting in England has skyrocketed by a whopping 121% since 2004. That's a jaw-dropping 834,000 more families opting for rental homes, making up a third of the rental market.
What’s driving this rental revolution? Well, it's a combination of factors. While the number of households with children has only nudged up by 1%, the number of families renting has surged, far outpacing this modest growth. Meanwhile, families buying homes with mortgages have plummeted by 20%, dropping from 4 million to 3.2 million over the past two decades.
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The squeeze isn’t just in the mortgage market. Options across other housing tenures have dwindled, pushing more families into the rental sector. Social housing for families has dipped by 2%, and local authority accommodation has seen a dramatic 29% drop since 2008.
This tidal wave of demand for rental properties has inevitably buoyed rental prices. Families are finding themselves caught in a rental whirlpool, with fewer choices and rising costs.
So, what's the takeaway? The rental sector is booming with families, and it’s reshaping the housing market. As supply struggles to keep up with demand, the pressure is on for policymakers to address this growing trend. Stay tuned, property pros—this story is far from over!
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