Forever Renters: Consumers’ Real Estate Struggles
Renting rather than owning is an increasingly common long-term living situation for many. As of 2024, 103 million Americans live in rented housing, up 15% from 2007 (WSJ, 2024). In March 2022, 35.7% of Brits were renting a home, up from 29.5% in 2002 (Statista, 2024). We profile key renter demographics and outline how brands can support long-term tenants.
Reviewing the Rental Market
Trapped Tenants
Luxury Lifestyle Renters
Life-Long Leasees
Globally, rents have risen exponentially since the pandemic, causing tenants to allocate more money for housing and less for everything else. This financial pressure has a pronounced effect: it’s leading people to give up home ownership dreams and to switch or take on second jobs to make ends meet. Meanwhile, well-heeled consumers opt to rent accommodation over buying, boosting the luxury rental market.
Globally, rents have risen exponentially since the pandemic, causing tenants to allocate more money for housing and less for everything else. This financial pressure has a pronounced effect: it’s leading people to give up home ownership dreams and to switch or take on second jobs to make ends meet. Meanwhile, well-heeled consumers opt to rent accommodation over buying, boosting the luxury rental market.
Summary
Reviewing the Rental Market | Globally, rents have risen exponentially since the pandemic, causing tenants to allocate more money for housing and less for everything else. This financial pressure has a pronounced effect: it’s leading people to give up home ownership dreams and to switch or take on second jobs to make ends meet. Meanwhile, well-heeled consumers opt to rent accommodation over buying, boosting the luxury rental market. |
Trapped Tenants | As some renters are seeing their monthly fees skyrocket, they seek strategies to alleviate this burden. Some are embracing co-living, while others (mostly young adults) live at home for longer. But even when they find cost-saving ways to live, these tenants are likely to feel trapped and consider themselves lifelong renters. |
Luxury Lifestyle Renters | Even consumers with the means to buy a home are increasingly choosing to rent, citing the flexibility of leases, absence of property upkeep and lowered overall costs as key benefits. These lifestyle renters are likely to think of monthly rental fees as saving them money to put towards alternative investments instead of mortgage payments. |
Life-Long Leasees | As Gen X and boomer renters approach and settle into retirement, they’re looking for housing that offers comfort and financial security. This is leading some to enter the home ownership market for the first time, while others are seeking retirement communities that meet their long-term budgets. |
Forever Renters: Consumers’ Real Estate Struggles
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Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.
We’d love to do the same for you.
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