WHO ARE “GENERATION RENT”?
Who are generation rent?
In the last ten years, the number of persons renting property in the United Kingdom has doubled, with over 20% of UK households (and up to 30% in London) living in private rented accommodation.
It is expected that a third of these tenants would continue to rent due to the rising cost of house ownership. One out of every three millennials, according to study, will continue to rent after retirement.
With rising property costs and the difficulty of accumulating a deposit due to rising rents, many younger people are unable to purchase a home. A societal movement away from house ownership is taking place. Many younger individuals do not plan to purchase a home and instead want to rent. Renting in a contemporary, well-managed, well-located Build to Rent complex may provide advantages to buying better location, higher quality, less expensive commute, no maintenance, no furnishing, and a dynamic community.
Millennials need high-quality, on-trend products. They also have higher customer satisfaction standards than previous generations.
They want excellent communication from their landlords, including the option to communicate and voice their issues via text and email. They also desire renting terms that are flexible. Month-to-month and short-term alternatives are popular, as are furnished short-term rentals, which allow them to move in immediately and begin living the low-maintenance lifestyles they desire.
Millennials are interested in more than just rental apartments. One of the most popular recent trends is retail rentals. Millennials use AirBNB to share their houses, Uber to share their cars, and Rent furniture through specialised furniture procurement businesses. Some of which offer packages in build to rent projects or for those wishing to work from home to mention a few examples. The option to utilise items on a short-term basis appeal to the generation driving the rental economy because it allows them to live the low-maintenance lifestyle they desire without the expenditures, frustrations, and inconveniences that come with ownership.
Sustainability and furniture
Environmental issues aren't at the top of the list of reasons to rent, but they certainly figure in when it comes to rental houses and furniture rentals.
66 percent of people across all generations are prepared to pay more for sustainable solutions. When researchers focus just on millennials, the figure rises to 73 percent (CORT).
Another reason why this generation prefers to rent is because of this. It lowers trash and raises the bar on recycling. The best example is furniture renting. Every year, about nine million tonnes of furniture end up in landfills. Renting, on the other hand, drastically reduces waste.
As a result of the above notion of "forever furniture" is becoming increasingly alien: the United Kingdom now discards 300,000 tonnes of useable furniture each year. What does this signify in terms of design? Even Ikea, which founded its business on the promise of disposability, is concerned about the frequency with which bookshelves and headboards wind up polluting city sidewalks.
Quality isn't only about the sort of furniture you receive; it's also about how long that furniture will last. While it is feasible to buy environmentally friendly furniture, the benefits of renting furniture are frequently more difficult to match. By its very nature, furniture renting is environmentally friendly.