18-30 generation seeks to rent not own

Some 34.2% of Gen Y-ers that currently live in rented accommodation confessed that they enjoyed independence from property ties.

A further 31.6% enjoyed the flexibility to move around. However, only 8% thought it wasn’t important to eventually own their own property. There were more men who had never paid rent for a property – 32.3% had opted to stay in the family home – while 75% of females were making their own way in the world and had either bought or were in rented accommodation.

Young females were keener to get on the property ladder with 45.2% having bought before they turned 25, while only 32% of men could claim the same.

Meanwhile 21% of 18-to-30s stated that they wanted to continue renting for the foreseeable future.

Ian Potter, Operations Manager of ARLA, said: "The research reveals a generation that want to be upwardly mobile and free from ties. Attitudes towards renting have changed in the UK and perhaps we’re becoming more like our fellow Europeans, who tend to rent rather than buy.

"This trend of being ‘conti-rental’ recognises that renting should no longer be perceived as a waste of money, but simply as an alternative lifestyle choice to being tied to property for the long-term. Today’s graduates, more than ever, are looking for work that involves travel and opportunities to move around, renting allows them to operate more freely in a flexible job market."

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