Families rent smaller homes

Rising rents and the cost of living are impacting the choices that renters make when selecting their homes.

An increased number of families are choosing smaller homes. In the year to June 2023, almost half of families with a household income of between £30,000 and £70,000 chose to rent a home with 1 or 2 bedrooms. This is up from 43% in the first half of 2020.

For many renters, the trade-off is to move to a lower cost location. Renters over 30 were more likely to move to an area with lower rents in the year to June 2023 than to a higher rent location.

An increase in the delivery of new rental homes at scale is critical, hopefully an issue that will be high on the political agenda for 2024.

Source: #Dataloft Rental Market Analytics, families with a household income between £30k and £70k