Large deposits and rising house prices have left many young professionals floundering at the bottom of the property ladder, forced into the private rented sector for far longer than they ever intended to be there.
This leaves a gaping hole in the market for good quality PRS housing and some developers, such as charitable housing association L&Q, have made rentals a core part of their enterprise.
This week saw the launch of Thurston Point, a scheme of 238 new build homes only available for rent in Lewisham.
A show apartment is now available for viewings and prices start from £1,050pcm for a studio, £1,250pcm for a one bed apartment, £1,400pcm for a two bed and £1,900pcm for a three bed.
This is just the beginning of L&Q’s plan to develop 5,000 purpose-built or refurbished rental properties in London and the South East over the next five years, and Diane Hart, its group director responsible for the new portfolio, thinks Generation Rent is more than a buzzword, it represents a paradigm shift in how we want to live.
“We understand that renting is increasingly becoming a lifestyle choice for those who appreciate a more flexible and hassle-free living arrangement,” says Hart.
“This shift, coupled with rising house prices, has put the current rental sector under huge pressure.
"As a result, homes with the right quality, value and location from trustworthy landlords are in very short supply.
"Our new rental portfolio will deliver on the expectations that today’s discerning tenants quite rightly have.”
For more, visit lqgroup.co.uk or call 020 8853 6937.