News
Tenants are happy to rent long term research suggests
Thursday 25th May 2017
Following the publication of the 2017 LSL Corporate Client Department (LSL CCD) Ltd Tenant Survey which reports on findings and responses from more than 3,200 tenants based across the UK, it suggests that almost a quarter of renters are prepared to accept that they will be living in the private rented sector long-term. However, almost three quarters of those tenants have said they were more than happy to carry on renting.
The survey, designed to not only understand more about why tenants rent property, bearing in mind their life stage, but also determine their rental priorities and future intentions, revealed that there are now four key life stages which tenants can be linked to including:-
Younger Independents
Moving Up
Reconciled with Renting
Struggling Savers
Struggling Savers the only key life stage group which was not identified by LSL CCD in last year's survey, generally relates to those who sit in the 26-35 age group, who, despite renting, have a strong desire to buy and are focused on saving for a deposit to own their own home. But despite greater resistance to renting - compared to those Reconciled to Renting - 66% remain happy with their rental situation, according to the research.
Key findings from the survey also reveal that there has been growth in the longer term PRS market, with 33% of tenants renting for six years or more, up from 29% in 2016.
The study also found that most renters want to establish a good relationship with their landlord - which is also considered to have a positive impact on their commitment to longer term tenancies. See our previous feature on this topic Demand from tenants for longer tenancies
Of interest too was the high percentage of tenants who would be prepared to consider new ways of communal living and initiatives to support savings and reduce costs, with 74% of tenants showing a desire for some level of community facility or activity.
David Bond, director of LSL PRS said "We are delighted to have been able, once again, to conduct such a comprehensive survey and to find out more about how tenants view their current and future rental situation and how, in response, we might work with PRS investors in meeting their particular needs and aspirations.
"It's imperative that, as demand for rental property continues, the market as a whole responds effectively to this and which 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."