Generation Rent

Lifestyle | Life

From property to cars and the latest fashion and even a friend, more young people are opting for access rather than ownership.

What’s behind the trend?

Why own something when you can rent it?

The point is that young people don’t necessarily just want prosperity and stability – they prefer flexible schedules and financial and geographical independence. They’re renting homes, cars, fashion and even people (yes, you read that right).

Younger people are starting families later

In the past, renting your first apartment was a stepping stone on the road to ‘adulting’. A way to save up some money to put down on your first home. Now, millennials view renting more as a lifestyle choice rather than a temporary situation. In fact, there has been a massive boom in the rental market across the globe – and not only among millennials.

Some experts seem to think that one of the reasons for this is that younger people are delaying marriage and having children.

Before making any long-term commitments, they want to pursue a career, travel and figure out what they want in life.

They can afford to rent in an upmarket or trending area and have the flexibility to ‘lock up and go’ or ‘move’.

Renting is also seen as a more cost-effective and hassle-free option if you consider monthly bond payments, insurance, regular maintenance, rates and taxes etc. Younger people would rather spend money on experiences, like international travel.

Trying economic conditions and the rising cost of living also makes it difficult to save up enough for a deposit and to afford the monthly instalments.

Fast fashion faux pas

The clothing industry revolves around the latest trends but it’s an industry that produces 20% of global wastewater and 10% of global carbon emissions – more than all international flights and maritime shipping (take a moment to think about that!)

Textile dyeing is the second largest polluter of water globally and it takes around 7 500 litres of water to make a regular pair of jeans. Every second, the equivalent of one garbage truck of textiles is landfilled or burned. 

An increase in environmental concerns has made renting clothes more popular than ever.

So, where you might have only rented a tuxedo or formal wear for a special occasion, you can now rent everyday clothing and handbags.

Although rental fashion isn’t a new phenomenon (Rent the Runway, for example, has been around for over 10 years), websites like Rent the Runway, HURR or my Best Friend’s Closet allow you to rent clothing for a certain time and then send it back. HURR only rents out pieces with a value higher than £150, to cut-out fast fashion and promote clothes that are built to last. 

The high cost of owning a car means a shift to lift-on-demand

In tough economic times, commuters are carefully considering the cost of owning a car, which includes instalments, insurance, maintenance and petrol.

In urban areas, in Europe especially, a car is certainly not the only option to get around. With an increase in the accessibility and safety of busses, taxis and trains, the popularity of motorcycles and cycling and the digital enablement of Uber and Taxify, commuters are certainly spoilt for choice.

But it’s not about costs alone, many people would rather spend time reading or working that battling in rush-hour traffic.

Rent a (platonic) person

It’s never been easier to connect with people online across a myriad of mediums. Social media and dating websites should make it easier to connect with people, but even though this is the smallest the world has ever been, people battle to connect in ‘real life’.

In fact, loneliness and depression is on the rise and people often battle to make new friends or connect with new people.

Enter RentAFriend.com. This is the largest online platonic friendship website in the world. You can rent a friend to attend a social event, wedding, or party with you, to show around a new town or to teach you a new skill or hobby.

People Walker is a digital platform that connects you with safe and reliable walking partners on-demand. But it’s more than just a walk… it’s conversation, accountability, motivation, exploration, sightseeing, or simply a new experience.

Leave a Reply

Your email address will not be published. Required fields are marked *

Video Video
How AI and robotics are transforming healthcare
Career | Professional Insights
Article Article
5 Money Hacks with Maya Fisher-French
Money | Saving
Article Article
Bon (digital) voyage! – 5 ways that AI is disrupting the travel industry
Lifestyle | Travel
Article Article
12 tips to manage your money better
Money | Personal Finance