A home is still your own, even if you don’t own it – renting is on the rise, and the trend shows no sign of slowing
Around one in four Finns now lives in a rented home. Attitudes towards ownership have generally begun to shift, and the same applies to housing: renting is increasingly seen as a flexible alternative. As life circumstances change, residents have the freedom to make choices that suit them best.
If you already rent a car, formalwear or tools, why not your home as well?
Attitudes towards ownership are changing particularly among younger people, and this applies to housing too. Living can be a service, much like renting a shared bicycle or borrowing clothes. A home is defined by your life situation and your current needs.
The popularity of renting is increasing, and more than 1.5 million Finns now live in rented accommodation. In uncertain economic times, committing to a monthly rent may feel lighter than taking out a decades-long mortgage. In a rented home, you are not responsible for everything yourself, either.
And yet, it is still your home – even if you don’t own it.
What does the growing popularity of renting tell us?
Property viewings for homes on sale are no longer as crowded as they once were. In times of economic uncertainty, home ownership can start to feel like a risky and unrealistic option for many. Of course, it is an investment that often pays off in the long term. However, owner-occupied homes are less adaptable when life takes unexpected turns compared to rental housing.
Alongside quieter viewings, the statistics also point to the growing popularity of renting. According to Statistics Finland, 83 per cent of under-30s live in rented accommodation, and 63 per cent of respondents in Rakli’s image survey view renting positively. And it’s not just a trend among younger generations. Experts note that it is not uncommon for retired couples to sell their detached house and move into rented accommodation in search of an easier everyday life and closer access to services.
The flexibility and ease of renting are increasingly weighing in the balance for more and more Finns.
Housing costs are generally easier to predict in a rental home than in an owned property. If an appliance breaks down or a skirting board comes loose, you usually do not have to deal with it – or pay for it – yourself.
A home that adapts
Today, future plans, Pinterest boards and dream maps are built not only around the nuclear family and home ownership, but also around travel, experimentation and new experiences.
The world is open to different identities, choices and paths. What if next year you want to live somewhere completely different?
That’s exactly what happened to Iida, who now lives in Kamppi. After travelling back and forth between Mikkeli and Helsinki with her partner, she unexpectedly found her dream home in the heart of the capital. In a dream home in the city centre, you can live without having saved hundreds of thousands of euros for it. And that money can then be invested in something else – perhaps making the next dream come true.
At Lumo Homes, residents can also switch from one rental home to another if their life or preferences change.
If a newfound passion for gardening – sparked during a pandemic spring – has developed further, perhaps a flat with a balcony for growing plants is now in order. Or maybe a couple is expecting a baby and needs more space.
A rental home can be made to reflect your own style, and even wall paints can be obtained free of charge through the Lumo paint benefit. At the heart of happy living is ultimately the freedom to do exactly as you wish: to stay, to leave, to choose and to decide.
A changing world, changing living
Home ownership has long been seen as a rite of passage from youth into adulthood, or from working life into retirement. However, housing needs and preferences evolve as the world around us changes. And significant changes are indeed ahead.
The consultancy MDI predicts increased immigration, an ageing population and the growing importance of cities. As services become concentrated in urban areas, many people will want to follow them. Perhaps more important than a home as an investment is a home that adapts.
Even though life is constantly in motion, it is also okay to pause. If you simply want to enjoy your life at your own pace without going anywhere, a Lumo home offers a place to breathe. There is no fear of the property being sold from under you – the landlord owns its properties.