Private Renting in the Advanced Economies: Growth and Change in a Financialised World

The private rental housing market is a significant and growing asset class in advanced economies, providing accommodation for a wider range of households. However, the rise of Airbnb lettings has pushed up rents and reduced the number of homes available to residents. This edited collection by leading experts analyses recent changes and assesses the initial impacts of the COVID-19 pandemic.

Format: Hardback
Length: 264 pages
Publication date: 18 October 2023
Publisher: Bristol University Press

The private rental housing market holds a significant and expanding role in advanced economies, serving as a vital source of accommodation for a diverse range of households, surpassing its pre-global financial crisis levels. Moreover, rental housing emerges as a valuable asset class for private individuals and companies, contributing to their wealth accumulation. The emergence of platforms like Airbnb has further propelled rental prices upward, while simultaneously reducing the availability of homes for local residents. This edited collection, assembled by esteemed experts in the field, delves into recent developments within the private rental market, utilizing case studies from the UK, Europe, Australia, and the USA. It also examines the initial consequences of the COVID-19 pandemic on this sector.

The private rental housing market has experienced significant growth in recent years, driven by factors such as the increasing demand for housing, the rise of the gig economy, and the decline of traditional homeownership. This market has also been impacted by the COVID-19 pandemic, which has led to a decrease in rental demand and an increase in eviction rates.

One of the key challenges facing the private rental housing market is the lack of affordable housing options. Many renters are unable to afford the rising rents, which have led to a shortage of affordable housing in many cities. This has led to increased homelessness and housing insecurity for many low-income households.

Another challenge facing the private rental housing market is the lack of regulation. Many landlords operate without proper licenses or regulations, which can lead to substandard living conditions and exploitation of renters. This can also contribute to housing inequality and discrimination.

To address these challenges, there are several policy interventions that can be implemented. These include increasing funding for affordable housing, implementing rent control measures, and strengthening landlord-tenant laws. Additionally, cities can promote the development of mixed-income housing complexes and provide incentives for landlords to invest in sustainable housing.

In conclusion, the private rental housing market plays a critical role in providing accommodation for a wide range of households. However, there are several challenges facing this market, including the lack of affordable housing options, the lack of regulation, and the impact of the COVID-19 pandemic. By implementing policy interventions and promoting sustainable housing practices, we can work towards creating a more equitable and sustainable rental housing market for all.

Dimension: 234 x 156 (mm)
ISBN-13: 9781447362081