Over 55s are turning to rental properties for lifestyle freedom, a study by Sofology has revealed. Over a quarter (28%) of over 55s state that they don’t want the responsibility of owning their own home, and a third (32%) say that renting makes them happy.
Challenging traditional norms of owning a home, the study also revealed that half of baby boomers(1) think getting on the property ladder is unimportant, compared with 72% of millennials(2) who think getting on the ladder is essential. Over a third of those aged 55 or over also state that they are happy to continue renting for more than 10 years, compared to just 7% of millennials.
In a bid to experience more of what life has to offer, 1 in 10 baby boomers love the freedom of being able to move around and be flexible with their living arrangements, while of the same generation, 1 in 20 prefer to spend their hard earned cash travelling and socialising. Despite stereotypes of generations, millennials are more set on owning their own place, with over a quarter (28%) of 25-34 year olds and 27% of 18-24 year olds renting as a means to an end whilst saving enough for a deposit.
The study, carried out by sofa specialists, Sofology, examines the shift in the property market, from a culture of buying to long-term renting, not just for financial reasons. It explores the happiness levels of UK renters and how people create that sense of ‘feeling at home’ wherever they live.
Andy Leadbetter, CMO, at Sofology, commented: “Our study shows a shift in social norms, with older generations happily renting out of choice, for that sense of lifestyle freedom. The majority state that decorating and adding furniture is top of their list for feeling settled.It’s clear that people feel at home wherever they create it, so we hope that finding out how people successfully turn rental houses into homes will help inspire other renters to create that feeling of living in a home they love.”
“Our study shows a shift in social norms, with older generations happily renting out of choice, for that sense of lifestyle freedom. The majority state that decorating and adding furniture is top of their list for feeling settled.It’s clear that people feel at home wherever they create it, so we hope that finding out how people successfully turn rental houses into homes will help inspire other renters to create that feeling of living in a home they love.”
Andy Leadbetter
CMO for Sofology
Despite it being perceived that may over 55s are stuck in a ‘rent trap’(3), the study reveals that they are the happiest renters and also feel most at home, with the majority (88%) sharing that they feel like their rental property is their own place.
Over 55s are also the most likely generation to create the feeling of home by decorating, adding furniture and finishing touches, even down to the garden, where 1 in 10 state they are happy to invest their time and money, compared to only 1% of millennials.
Research carried out in March 2018 by Sofology, looking at 1,000 renters around the UK.
1. Baby boomers broken down as 55 plus.
2. Millennials broken down as 25-34 year olds.
3. Reference from English Housing Survey
