Nearly half (49.2%) of all babies were born into rented homes in 2016/17, according to a new report by Royal London, up from just one in three in 2003/04.
The average age for first-time mums and dads is 29 and 33 respectively, while the average age of a first-time buyer is now 34. The so-called ‘generation rent’ is becoming ‘generation parent’.
The number of families with children who are living in privately rented homes has risen by 94% in the decade to 2016/17, with 1.8 million families now in the sector. The North East and Yorkshire and the Humber are the regions which have seen the largest proportional increases.
While some may make this lifestyle choice, there is a concern that many households may become caught in the ‘parent rent trap’, as renters pay on average more of their monthly income on housing.