Rising rents mean that the share of tenants leaving the family home has been steadily declining across Great Britain since 2015, Hamptons research has revealed.

Eight years ago, first-time renters made up 6.1% of all tenants who moved into a new home which equated to 71,860 new rented households in England. During the first five months of 2023, that figure fell to 4.6%, which equates to around 43,280 newly rented households in England this year.

Had young adults continued to move from the family home into rental accommodation at the same pace as they did in 2015, it would mean there would be an extra 104,550 households looking to rent in England between 2016 and 2023.

Aneisha Beveridge, head of research at Hamptons, said: “Around 105,000 missing renters are relying on the hotel of Mum and Dad. The number of first-time renters has been steadily falling since 2015, pushed down by the spiralling cost of living and record-breaking rental growth, which has stretched affordability to the edge of its limits. Young adults are staying at home for longer in order to save up, with some skipping the rental market entirely and going on to purchase a home instead.”