There has been a seismic shift between the generations in terms of homeownership in the UK over the last decade.

The national obsession with owning our home shows no signs of easing up just yet. Yet ever-increasing house prices and limited supply are set to keep this out of reach for many.

While we wait to see if the government’s housebuilding initiatives bear any fruit, predictions forecast housing supply shortages to exist for at least the next decade.

Therefore, it’s realistic to expect a rise in Generation Rent, ie people between the ages of 20 and 39, until 2025. For them, raising the cash to move from a new starter home to a three-bed semi in a decent area is not for the faint-hearted.

One thing we can do is look to our European counterparts, who seem to be more au fait with the world of long-term renting as a serious alternative to home ownership.

Germany and the Netherlands have also embraced the American initiative of ‘multifamily’, which is essentially the build-to-rent scheme already under way in the UK.

Multifamily building initiatives in the States encourage long-lease tenants, which leads to a greater sense of community and improved standards of property maintenance from tenants and landlords.

There is a tendency for the design of these buildings to be more creative and include extras such as gyms and pools, all with the objective of enticing tenants who want to create a home, not rent a house.

Multifamily investments are proving to be hugely profitable and this sector is offering some of the best returns in their current US real estate market.

That’s great for America, but what about the UK? Property consultancy Knight Frank predicted build-to-rent would make up more than 5% of the private rental sector in as little as four years.

We are transforming slowly from being a nation of homeowners to a nation of renters. It feels to me that if we can follow our European and trans-Atlantic allies into the build-to-rent market, that might well ensure long-term tenants can genuinely achieve the social benefits of home ownership.