The renting population of the UK rose by a huge 22% in the five years between 2010-15, according to an international study conducted by RENTCafe.com.
Rising housing costs, economic recessions and demographic changes around the world have given renting a boost in recent years – and it seems that the UK is entering an age of renting.
RENTCafe analysed the percentage of tenants and homeowners in 30 of the most populous developed countries across the world.
Among these 30 countries, Switzerland was the only one where more than half (56.6%) of the population rents a home. As it turns out, in the majority of countries around the world, people still prefer to own their own homes.
For whatever reasons, the following countries have the lowest share of tenants: Singapore (9.7%), Slovakia (10.7%), Russia (12.9%), Poland (16.3) and Norway (17.2%).
In spite of the fact that homeownership remains predominant around the world, renting is on the rise. 21 of the 30 countries examined saw increases in their population of tenants between 2010-15, with Europe in first place. Eight of the top ten countries are on this continent: the UK, Ireland, Denmark, Greece, Slovenia, Spain, Slovakia and Finland.
The UK’s share of tenant population jumped by 22% from 2010-15 – the largest gain in the world. In net numbers, the UK added a huge 2.1m renting households to its 65m population during this timeframe. The higher demand for rental properties had an obvious effect on rent prices, which rose by 14%, while house prices were up by just 5%. In other words, the cost of renting increased almost three times faster than house prices.
Renting also gained popularity in Ireland, where the share of tenants increased by 12% – the second highest of the countries studied. In net numbers, this represented half a million new tenant households – over one-tenth of Ireland’s 4.7m population.
With so many households now renting from private landlords, we are encouraging you to provide the safe, secure and comfortable homes that your tenants need. To help you understand your responsibilities as a landlord, our partner site Landlord News offers FREE, helpful guides: http://landlordnews.co.uk/guide/