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Private Renting After the Global Financial Crisis

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  • Peter A. Kemp

Abstract

Analyses of the impact of the Global Financial Crisis (GFC) on housing have largely focused on subprime mortgages and homeownership. By contrast, the impact of the financial crisis on the private rented sector has received much less attention. This paper helps to address that gap by examining the impact of the GFC on private renting in Britain. In recent years, the private rented sector (PRS) in Britain has grown in size after many years of decline; and the formal rules and informal practices that characterize this tenure have also changed significantly. This transformation began during the 1990s but the pace of change increased from the turn of the century and accelerated still further during the GFC. Drawing on an historical institutional perspective, it shows that the changes to private renting over this period were shaped not only by domestic events but also by developments in the international political economy.

Suggested Citation

  • Peter A. Kemp, 2015. "Private Renting After the Global Financial Crisis," Housing Studies, Taylor & Francis Journals, vol. 30(4), pages 601-620, July.
    • Handle: RePEc:taf:chosxx:v:30:y:2015:i:4:p:601-620
    DOI: 10.1080/02673037.2015.1027671
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    1. Badarinza, Cristian & Ramadorai, Tarun, 2013. "Home Away From Home? Safe Haven Effects and London House Prices," CEPR Discussion Papers 9786, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Eoin Corrigan, 2019. "The Scale and Impact of the Local Authority Rent Subsidy," The Economic and Social Review, Economic and Social Studies, vol. 50(1), pages 159-211.
    2. Cody Hochstenbach, 2018. "Spatializing the intergenerational transmission of inequalities: Parental wealth, residential segregation, and urban inequality," Environment and Planning A, , vol. 50(3), pages 689-708, May.
    3. Rowan Arundel & Jose Manuel Torrado & Ricardo Duque-Calvache, 2024. "The spatial polarization of housing wealth accumulation across Spain," Environment and Planning A, , vol. 56(6), pages 1686-1709, September.
    4. Park, Gum-Ryeong, 2024. "Housing cost burden and external causes of mortality: Variations across housing regimes in high-income countries, 2010–2020," Social Science & Medicine, Elsevier, vol. 345(C).
    5. Engelbert Stockhammer & Christina Wolf, 2019. "Building blocks for the macroeconomics and political economy of housing," Japanese Economy, Taylor & Francis Journals, vol. 45(1-2), pages 43-67, April.
    6. Caroline Dewilde, 2018. "Explaining the declined affordability of housing for low-income private renters across Western Europe," Urban Studies, Urban Studies Journal Limited, vol. 55(12), pages 2618-2639, September.
    7. Murphy, Michael J. & Grundy, Emily, 2024. "Housing tenure and disability in the UK: trends and projections 2004-2030," LSE Research Online Documents on Economics 120247, London School of Economics and Political Science, LSE Library.
    8. Adrienne Csizmady & Lea Kőszeghy, 2022. "‘Generation Rent’ in a Super Homeownership Environment: The Case of Budapest, Hungary," Sustainability, MDPI, vol. 14(14), pages 1-18, July.
    9. Lau, Mandy H.M. & Wei, Xueji, 2018. "Housing size and housing market dynamics: The case of micro-flats in Hong Kong," Land Use Policy, Elsevier, vol. 78(C), pages 278-286.
    10. Mandy HM Lau, 2019. "Lobbying for rent regulation in Hong Kong: Rental market politics and framing strategies," Urban Studies, Urban Studies Journal Limited, vol. 56(12), pages 2515-2531, September.
    11. Mark Livingston & Francesca Pannullo & Adrian W. Bowman & E. Marian Scott & Nick Bailey, 2021. "Exploiting new forms of data to study the private rented sector: Strengths and limitations of a database of rental listings," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 184(2), pages 663-682, April.
    12. Kath Hulse & Margaret Reynolds, 2018. "Investification: Financialisation of housing markets and persistence of suburban socio-economic disadvantage," Urban Studies, Urban Studies Journal Limited, vol. 55(8), pages 1655-1671, June.
    13. Hulse, Kath & Parkinson, Sharon & Martin, Chris & Hayward, Richard Donald, 2018. "Inquiry into the future of the private rental sector," SocArXiv 6sb8r, Center for Open Science.
    14. Rory Coulter & Michael Thomas, 2019. "A new look at the housing antecedents of separation," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 40(26), pages 725-760.
    15. Cody Hochstenbach & Richard Ronald, 2020. "The unlikely revival of private renting in Amsterdam: Re-regulating a regulated housing market," Environment and Planning A, , vol. 52(8), pages 1622-1642, November.
    16. Zahratu Shabrina & Elsa Arcaute & Michael Batty, 2022. "Airbnb and its potential impact on the London housing market," Urban Studies, Urban Studies Journal Limited, vol. 59(1), pages 197-221, January.
    17. Kim Mckee & Tom Moore & Adriana Soaita & Joe Crawford, 2017. "‘Generation Rent’ and The Fallacy of Choice," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(2), pages 318-333, March.
    18. Caroline Barratt & Gill Green, 2017. "Making a House in Multiple Occupation a Home: Using Visual Ethnography to Explore Issues of Identity and Well-Being in the Experience of Creating a Home Amongst HMO Tenants," Sociological Research Online, , vol. 22(1), pages 95-112, February.
    19. Hulse, Kath & Martin, Chris & James, Amity & Stone, Wendy & Hayward, Richard Donald, 2018. "Private rental in transition: institutional change, technology and innovation in Australia," SocArXiv yqbxj, Center for Open Science.
    20. Jennifer Hoolachan & Kim McKee, 2019. "Inter-generational housing inequalities: ‘Baby Boomers’ versus the ‘Millennials’," Urban Studies, Urban Studies Journal Limited, vol. 56(1), pages 210-225, January.
    21. Michael Byrne & Michelle Norris, 2022. "Housing market financialization, neoliberalism and everyday retrenchment of social housing," Environment and Planning A, , vol. 54(1), pages 182-198, February.
    22. Michael Byrne, 2019. "The financialization of housing and the growth of the private rental sector in Ireland, the UK and Spain," Working Papers 201902, Geary Institute, University College Dublin.

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