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  • Writer's pictureConrad Binding

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

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