New figures show that 20% of all homes in England are now rented from a private landlord, meaning the sector has more than doubled since the 1990s.
These figures are from the latest English Housing Survey, which is published annually by the Department of Communities and Local Government (DCLG).
The continuing rise of Generation Rent and its best friend: the Private Rented Sector
The analysis also revealed that the number of younger people renting has increased, as has the number of families.
The private rented sector (PRS) is still the country’s second biggest tenure with 4.5 million homes being rented during the last financial year (2015/2016). England has now 2.5 million more rental homes than it had in 2000.
The increased popularity of the PRS is particularly strong among younger people. This group is now more likely to rent privately than to own a home. So called “Generation Rent” has increased significantly over the last decade. Whilst the proportion of those aged between 25 and 34 and living in the rental sector was at 24% in 2005/2006 the number has increased to 46% during 2015/2016.
Families are another set of tenants that has been growing a lot over recent years, especially single parent households. The number of those living in the PRS with at least one dependent child increased from 30% in 2005/2006 to 36% in 2015/2016.
Private rental sector set to grow significantly
The report stated that this increase would roughly equate to one million additional households across the country.
The research also had a closer look at the tenants themselves. It found out that 21% are unhappy with their situation as a private tenant, out of which 9% were very dissatisfied.
And finally, the study also showed that the turnover in the PRS was higher than in other sectors. During 2015/2016 about 787,000 households moved from one privately rented home to another. Additionally 196,000 new households were created within the sector.
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