The
debate around "Generation Rent" continues to ramp up. My recent blog (29
May) on the private rented sector seems to have met with some approval; I got
several approbatory Tweets and regular readers will have already seen the
comment posted by the eminent Kevin Leigh of No 5 Chambers (so big sigh of
relief there!)
Last week, alongside some rather scary statistics on what they call
"rental-spend", Rightmove published a report that said that those "happy to
rent" are on the increase; although most remain what is termed "trapped
renters" (56%), that is, those who would like to buy but cannot afford to
(incidentally you can see a whole new array of quasi-technical terms growing up
around this debate. Just what are we like? It's depressing, to say
the least).
On Sunday, even the Observer got in on the act with a
screaming headline "Renting to be 'way of life' for young families" with the
findings thrown up by the report issued by Shelter and the Resolution
Foundation which shows that, in future, property rental won't just be
restricted to our callow yoof. It's OK to rent when you're barely out of
college (and you barely wash) goes the argument, but it is tantamount to
Armageddon that folk with children should be "forced" to rent rather than buy.
Hmm. It's the UK "my home is my castle" mindset all over again. I'm
all for people having choices wherever possible of course (always and forever)
but I have to say that I don't see what is too terribly dreadful about people
renting during their child rearing years, so long as it suits their lifestyle,
and suits their financial circumstances. I could see distinct advantages
in fact. Particularly if it keeps people from taking on ill-advised
mortgages, that they just cannot afford, at the wrong time of their lives.
And
once build-to-let takes off (btw I am now convinced it is a matter of when, not
if, partly through the renewed confidence we have in the UKR venture, but also
because of the huge opportunity that Delancey will have at the Olympics park)
then you could see the market segmenting into building product, on certain
developments, designed solely with this demographic in view.
And would that be so bad? Take it from me, when you are the new mum of a
new baby your quality of life immediately plummets, particularly if you are
used to being a professional woman, with all that that entails. Hopefully
this is more than compensated for by the pheromones of motherhood (just sniff
your beautiful baby's head!) but, leaving aside that considerable reward, you
don't sleep, you can't go out (or not without a military-style operation), you
can completely forget about going into a restaurant for an ordinary meal, the
cinema is well-risky, and so forth.
Even
stairs are a bit of a no-no with the pram. You can barely get through the
day, breast feeding takes forever, and even getting the shopping in presents
huge logistical problems, unless you're one of those über-competent types
(needless to say I wasn't). And... well, you run the risk of being rather
lonely. The potential for loneliness of the new mother is a grim prospect
and can endure well into your children becoming toddlers, pre-schoolers and
beyond....
No, I can see there being distinct advantages in living in developments of
decent rental stock with other young families around you; and not just in terms
of amenities for the kids, and other mums to connect with, but - and this is
crucial - other kids for your kids to play with, in a safe environment.
Club Mark Warner runs a fabulous business marketing "upmarket" holidays
in what are, essentially, fairly plain resorts. Their entire business shtick is
that there is everything there for the kids. What they are selling to
families with children is, purely and simply, other families with children. If
your kids are happy running around in a pack with other kids, you can have a
holiday.
Why wouldn't an enlightened consumer-focused developer build a rental scheme
for families with children? And why wouldn't people who want a life, rather
than a mortgage, choose to live in them? There is a very real market there.

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