A recent study reveals people are happy to rent long-term and have no plans to purchase a property in the future but still invest in revamping their home, with some spending over £30,000 in the past year.
With more people renting in the UK than ever before1, sofa specialist Sofology conducted the survey to examine the shift in the property market and explore the happiness level of UK renters and how they create that sense of ‘feeling at home’.
The survey found that 33% of renters, which equates to over 1.48 million renter households in the UK, don’t want to buy, with 31% saying they don’t think getting on the property ladder is important.
A quarter of renters (26%) state that they don’t want the responsibility of owning a home and love the freedom of renting, with 83% citing they feel settled in their current home.
However, the shift towards renting still presents opportunities for home improvement and homeware retailers, as renters may not own their property but still want to add a personal touch to their home.
Looking at how people create the feeling of being at home, 80% said they bought their own furniture, while 67% say it’s down to soft furnishings like rugs and cushions, and another two thirds say they have redecorated.
Transforming a rental house into a home comes at a cost, with 5% investing more than £3,000 in the past year to make their rental property feel like a home they love. Top spends are on furniture (25%), redecorating (29%) and unique home accessories (11%).
The cities that came out happiest in terms of a range of factors2, from long-term rental averages, to happiness renting and importance of getting on the ladder, are as follows:
Sofology CMO Andy Leadbetter said of the study: “As renting has become more prevalent in society, we wanted to explore how people are making their rental properties a long-term home. We were surprised to find that the majority of renters are happy with their living arrangements and have no plans to buy a property. It shows a clear shift in societal norms. You don’t have to own somewhere to make it feel like your home.”
Mr Leadbetter added: “Our study shows that renters have become accomplished in making their house a home and with half saying they have already been renting for 10 years or more, it’s clear they plan on staying put. People who add their own home accessories and finishing touches with items like light fittings and photographs create a sense of home, but the majority say that adding their own furniture was the best way to feel settled.”
1 Figures derived from 2016 Gov UK rental market stats.
2 Averages taken from a range of study questions to collate happiness factor average across UK cities.