A recent report from the Resolution Foundation has found that private renting has become an essential part of the UK’s economic and social structure. The report, which was commissioned by the Department for Communities and Local Government, found that the number of people living in private rented accommodation has increased significantly over the past decade, from 2.3 million households in 2004 to 4.5 million in 2016. This is now the second largest tenure type in the UK, behind owner-occupation.
The report also found that private renting is increasingly becoming a long-term housing solution for many people, with the average length of tenancy increasing from 3.7 years in 2004 to 4.3 years in 2016. This is particularly true for families with children, with the number of families living in the private rented sector increasing from 1.2 million in 2004 to 2.5 million in 2016.
The report also highlighted some of the challenges that private renters face, such as high levels of insecurity and rising rents. It found that private renters are more likely to experience rent increases than those in other tenure types, and that they are more likely to experience periods of rent arrears. The report also found that private renters are more likely to be living in overcrowded conditions than those in other tenure types.
The report concluded that private renting has become an essential part of the UK’s economic and social structure, and that it is important for policy makers to ensure that it is a secure and affordable tenure type for those who need it. It recommended that policy makers should focus on improving security of tenure for private renters, as well as introducing measures to ensure that rents remain affordable.
Overall, the report shows that private renting has become an important part of the UK’s housing landscape, and that it is essential for policy makers to ensure that it is a secure and affordable tenure type for those who need it.