However, while the emergence of this trend is undeniable, there still remains a high number of people in the UK who rent because they simply cannot afford to buy their own home - particularly in the capital.
For many, it comes down to the fact that it's easier to rent a good quality property than it would be to buy one of the same standard.
In London, according to a survey by virtual letting agency LetBritain, 49 per cent of people who rent said they do so because they are able to find rented properties that are better quality than they could dream of buying. The same is true for 39 per cent of tenants across the UK as a whole, with many people simply unable to afford the standard of home they want to live in.
When it comes to getting onto the housing ladder, many people believe that the government is simply completely out of touch with the needs of young people, and potential first-time buyers in particular.
Of those surveyed, more than two-thirds (67.7 per cent) said the government has no clue what they want, and as a result, they will struggle to get themselves onto the housing ladder in the foreseeable future.
"Whilst many renters are working hard to enter the property market, they clearly do not feel the government understands the issues faced by tenants," said Fareed Nabir, chief executive officer of LetBritain.
"Interestingly, the findings show that renters are now increasingly looking to buy properties outside of their chosen place of residence so they can still get onto the property ladder without having to sacrifice the location or quality of the property they wish to live in," he added.