How Generation Rent lives in twice as many homes - but finds lifelong friends

A survey of 4,860 customers by flatshare site Spareroom revealed that a quarter of Gen Z and millennials (20-39-year-olds) have already moved home 10 or more times since leaving the family nest, compared to those aged 50 and above who, on average, have lived in fewer than five homes.

A further 25% expect to move at least another five times before they find their ‘forever’ home. In fact, just 1% of Gen Z and millennials are currently living in their long-term home.

Gen Z and millennials have been classified as Generation Rent for years due to being priced out of the housing market – unable to buy and having to pay a high percentage of income on rent. However, not all are being forced out of ownership by circumstance - some are shunning it by choice and opting to invest their money in other ways. Either way, this means Gen Z and millennials are renting for longer than their parents’ generation.

And it’s not just the number of homes lived in that differs, but also the number of people each generation have lived with. One in three (32%) 20-39-year-olds have lived with more than 15 flatmates over their lifetime, excluding family and partners, while 44% of those aged 50+ have never lived with anyone that wasn’t immediate family or their partner.

What’s pleasing to hear is a quarter of Gen Z and millennials are still friends with all the people they lived with and an additional 52% are still friends with some of them - evidence that flatsharing is great way to make long-lasting friendships.

Matt Hutchinson, SpareRoom director, said: “The simple fact is that people are renting for longer today than they used to and the key reason is affordability. The days of average house prices being roughly three or four times the average salary are long gone. That means Gen Z and millennials will live in so many more properties, and with so many more people, than their parents’ did.

“Their parents’ generation were far more likely to live at home with their family until they moved out to get married.

“There are plenty of places in the world where people don’t feel the same pressure to own their homes as we do, and the truth is renting can be a great option, as we’ve seen from the number of people who’ve found long term friendships through living with each other. But the reality is that housing of all kinds has become way too expensive.”