How Generation rent is changing furniture buying habits
Following news that for the first time in 13 years, renting is now cheaper than a first-time mortgage, lots of buyers and renters are looking to pinch the pennies wherever possible.
However, Snug has today revealed that through a recent survey, it isn’t just the rental and house-buying market that has shifted but also the furniture we put in those very places!
Quick survey summary:
Two-thirds of the people surveyed have moved up to three times, while the other third have moved over three times in the last 10 years.
Three-quarters of renters prefer an unfurnished pad
Two-thirds of participants are sharing with a partner
What does this mean for furniture buying habits?
With the increasing trend of people opting for rental opportunities and frequently transitioning between different properties (67% of those asked have moved 1-3 times in the last ten years!) the need for modular and easily movable furniture is key. With this in mind, Snug has reported a spike in searches for modular sofas. Not only are people looking for a stylish design but they are on the hunt for a practical sofa that can be easily transported and reconfigured into their next home.
With more home renters opting for an unfurnished space (75%) Snug’s research has confirmed that renters are after a space in which they can put their own stamp on. For those who can’t add their own statement through paint or pictures, a statement piece of furniture (which can move with them at the end of tenancy) is an easy way of adding a sense of their own style!
Of those asked, 66% of participants share with a partner or the other half, showing that space-saving yet cosy furniture is always a must! In addition, an investment piece is often purchased as a couple – helping to keep costs reduced!
“Millennials and Gen-Z’s in cities are deprioritising getting on the property market, this has naturally had a knock-on effect on the way they’re shopping for their furniture. Recent studies have found that practicality is the name of the game now. They want furniture that can mold to their ever-changing rental homes, meaning modular is key as well as style and quality.”