Generation rent refers to the generation of people born from the eighties onwards, who because of changes in the economic situation are more likely to rent their homes than buy them.
Owning your own home (or rather part-owning it with the bank!) has always been the norm in the UK, with those whose financial circumstances permit usually choosing to buy rather than rent. This is a phenomenon unique to Britain and contrasts with the rest of Europe and the USA, where renting is the usual option. Changes in the economic situation during the past few years however have made it increasingly difficult for first-time buyers to get started in the property market, so that there is an emerging generation, the so-called generation rent, who may never own their own homes.
The only young adults who appear less likely to join generation rent are those fortunate enough to have affluent parents with cash to spare to help them raise a deposit.