New research has given insight into the different priorities of people living in cities, with many citing energy-efficiency and property costs. Interestingly, the majority prefer renting over owning. The research identified the generation of responders as well.
The most important requirement was super fast internet, energy conservation was also ranked highly. 56 per cent of the millennial responders want pet-friendliness.
56 per cent of responders believe owning their home is less important and 61 per cent would consider renting in retirement.
And according to the study from International Law Firm CMS – it is not just millennials and students that are renting but workers of all ages as well as retirees.
FTI Consulting conducted the research, which was commissioned by CMS. There were some 6500 city-slickers surveyed from: London, Manchester, Paris, Amsterdam, Berlin, Glasgow. The intention was to learn more about consumer preferences when it comes to our homes.
67 per cent of all responders were either in debt or just breaking even each month, aligning with the fact it has become more difficult to save enough for one’s own home. The report suggests that this is caused by intergenerational wealth inequality, brought about by decades of house price inflation enjoyed by property owners from the baby-boomer generation.
‘Urbanisation, new lifestyles, different work patterns and increasing mobility are changing Europe’s cities. We have explored how affordability and supply issues, coupled with shifting technological, economic and lifestyle factors, are shaping demand for rented residential solutions across generations and societal groups,’ said Ciaran Carvalho, head of real estate at CMS UK.
‘Our findings indicate that we are going to see unprecedented levels of interest and investment in all forms of rented accommodation in Europe’s leading cities. This will reshape local housing markets from an economic and political standpoint, but more importantly will better reflect how people of all ages want to live, work and play in our cities in the future,’ he added.