Sixty one per cent of Britons say that they are compelled to rent due to their inability to afford a house, according to a survey carried out by FindaProperty.com.
Despite the average rent rising to £890 per month last year, people are still finding staying in rented accommodation an easier alternative to getting onto the property ladder.
With 54 per cent of those asked expressing the belief that home ownership at some stage of their life was particularly important to them, there remains a significant proportion of Brits that do not seem so intent on getting out of the renting sector.
Considering that demand for rented property is increasing, the fact that so many seem content to remain off of the property ladder suggests that the need for such accommodation could continue to rise.
Taking into account this new research, investors look set to see the value of their holdings continue to increase, and policies such as landlord insurance and detailed tenancy agreements will become more popular as a means to protect the growing numbers in the letting market.
Samantha Baden, property analyst at the site, said: "There are still millions of people who don't consider getting a foot on the property ladder as their ultimate aim."
With the housing market not showing any substantial signs of a possible drop in prices to make property more affordable, renting will continue to provide an alternative option, and this has been demonstrated by the report.
Given the survey's findings, the number of first-time buyers does not seem set to experience any sudden rise once the government's stamp duty holiday ends towards the end of March.
While a growing number of people become more content to remain in rented accommodation, the buy-to-let sector will continue to expand in spite of the 54 per cent intent on owning their home.