That's assuming that people rent because they cannot afford a house. I rent because I don't want a house. Owning a house is a ton of additional responsibility for what would be very little to no gain for me. I don't have space requirements (no children and don't plan to have any, no spacious hobby that would require a workshop, no car that would need to be parked in a garage). I'm not saying that everyone is like me, but I'm pretty confident there are more people like me than there used to be.

I am in complete agreement with you, I rent for very similar reasons.

What I was attempting to flag was that for many this was no longer about it being a choice. The dramatic rise in house prices has meant that saving a deposit is now a lengthy endeavour in many areas, one that is driving a much larger renter culture. It is to be expected that lifestyle norms will change around this as well.