The private rented sector is providing tenants with greater security in their homes as more renters look to stay put for longer.
The government’s latest English Housing Survey showed the average length a private tenant lived in their current rental in 2018-19 was 4.4 years. This is up from 4.1 years in 2017-18 and is the highest average amount of time tenants have been staying in their current rentals across the past 10 years.
This is welcome news as more people are reliant on the private rented sector for a home and is a trend that’s expected to continue. In UK cities, the rental market continues to overtake property sales as people’s attitudes towards homeowning shift even more.
John Stewart, policy manager at Residential Landlords Associated, stated: “The market is meeting the ever-changing demands on it without the need for legislation.
He added: “It is vital that the government continues to support and encourage this with pro-growth policies that support good landlords to provide the long-term homes to rent to meet the ever-growing demand.”
Keeping tenants happy
Tenants are enjoying greater security in their homes, and this is mutually beneficial for landlords and tenants. Longer-term tenancies provide renters the opportunity to establish roots locally and gain a greater sense of feeling “at home”.
Keeping tenants happy can also help landlords avoid void periods, and having your property occupied for as much of the year as possible helps you achieve consistent rental yields. Landlords can play an important role in the property market by providing long-term quality homes to help the growing demand in the sector.
Generation Rent
As long-term renting is becoming the norm across the UK, this is likely to become even more common as Generation Rent boosts demand for rental properties. Currently, young people are the most likely to live in rental properties, especially in city centre locations. However, more and more older tenants and families with children are living in rentals.
It’s important for landlords to put a focus on your target tenant and prioritise what modern tenants want in a rental home. And when buying your next property investment, keep in mind that more tenants are planning to stay renting for a longer period of time.
At BuyAssociation, we have a wide range of investment properties that suit both investors and tenants. Check out our investment page to see a selection of available opportunities.
