The recent banking crisis has resulted in almost two thirds of those still looking to get their foot on the home ownership ladder believing they have no prospect whatsoever of buying a home, with the difficulties in obtaining a mortgage cited by many.
This development is further compounded by the triple-whammy of rising house prices, declining numbers of properties on the market and reluctance by banks to lend in the wake of the credit crunch, therefore making renting the only logical option.
There is also the other spectrum of the market that sees renting today as a positive lifestyle choice as some people prefer not to have the long term obligations that come with property ownership.
Additionally, a lot of individuals want to live in popular city centres where property prices are at a premium. Renting provides a cost effective alternative and frees tenants of the responsibility of property repairs and upkeep.