Increasing number of tenants content to rent long-term
Almost a quarter of renters are prepared to live in the private rented sector for the long term, according to a new report.
Three quarters of these tenants state that they were more than happy to continue renting despite the majority of renters having the ambition to eventually own their own home.
The survey by the LSL Corporate Client Department (LSL CCD) was designed to understand more about why tenants rent property as well as to determine their rental priorities and future intentions.
Responses from more than 3,200 tenants based across the UK revealed that there are now four key life stage groups for tenants: ‘Younger Independents’, ‘Moving Up’, ‘Reconciled with Renting’ and ‘Struggling Savers’.
‘Struggling Savers’ relates to those who sit in the 26-35 age group who have a strong desire to buy and are focused on saving for a deposit to their own home.
However, 66% of ‘Struggling Savers’ are happy with their rental situation.
The ‘Moving Up’ life stage refers to couples aged 35-45 who are most often married with children while ‘Reconciled with Renting’ are more likely to be aged over 55 without children at home.
There has been long term growth in the private rental sector with 33% of tenants renting for six years or more which is an increase from 29% in 2016.
Furthermore, 74% of tenants have shown a desire for some level of community facility or activity and are prepared to consider new ways of communal living.
David Bond, director and head of LSL PRS, said: “It’s imperative that, as demand for rental property continues, the market as a whole responds effectively to this and with such in depth data we now have available to us we’ll be able to inform, educate and advise others about the best way of providing this to meet the varied, and sometimes complex, needs of UK tenants today.”
To read the full report, please click here.
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