Redefining Generation Rent
Although it has long been a marker of status and “success”, increasingly property ownership isn’t everyone’s goal and for a growing number of people, the benefits of renting are now more attractive and are something to be embraced rather than endured.
Redefining Generation Rent, a trend report available to our Home & Interiors Premium subscribers of Your TrendBible, explores key opportunities, case studies and action points for design trends and product development, delivering solutions for long-term renters who are prioritising personalisation and semi-permanent style.
No longer related to only students or young professionals, there is a whole new cohort who are not only feeling the impact of the pandemic on domestic lifestyle but are increasingly finding it financially unachievable to buy a home. This has caused a shift in attitudes towards owner-occupied spaces.
New Persona’s to know
With record-high property prices making it harder to buy and maintain homes, as well as lifestyle shifts such as an increase in later life divorce, the average renter is getting older. According to the latest English Housing Survey, the proportion of people aged between 55 and 64 years old who are renting in the private sector has doubled during the past decade. There has also been a significant increase in the number of renters aged between 45 and 54. The traditional cohabiting unit is also changing, with this older generation of renters embracing houseshares and intergenerational living. Nestful, a platform for over 50s looking for houseshares is an example of companies catering to this growing market demand.
The Deposit Deserter
As buying property becomes increasingly harder to achieve, many have become disillusioned with the cycle of saving and the hassle associated with homeownership; the costs of upkeep and property taxes. Instead, they are seeking longer-term rentals that allow them to live in the moment, greater choice around energy provider and related bills, flexibility in where they live, and access to amenities, such as a pool or fitness room, that might otherwise be prohibitively expensive. This freedom of course depends on the individual’s lifestyle and financial situation, but there is a shift towards a rejection of the expectation to get on the property ladder.
The Digital Nomad
Explored in our Digital Nomads: The Rise of the Workation trend report, The Digital Nomads embrace a location-independent, technology-enabled lifestyle that allows them to travel and work anywhere in the internet-connected world. These consumers seek the freedom that comes without being committed to a single location or job through a mortgage and focuses on living life beyond four walls. For these consumers, extended residencies and flexible contracts appeal, allowing them to relocate and travel as they wish.
Find out how this translates into design trends and product direction for a new generation of renters in our Redefining Generation Rent report, available to download when you subscribe to our Premium membership at Your TrendBible. Your TrendBible is our trend subscription service designed to inspire and spark ideas, give your teams confidence in actioning trends and provide validation from across the globe.