It’s not hard to find a news story these days making sweeping generalisations concerning the apparent dissatisfaction of tenants and ‘unfairness’ in the private rented sector, but new research commissioned by Paragon Mortgages has put a dent in those arguments.
According to their survey, the majority (65%) of tenants in the private rented sector regard their rental payments to be of either ‘good’ or ‘very good’ value for money. It also showed that they generally have a positive attitude towards renting.
The tenant market analysis for Q2, carried out by BDRC Continental, found that 8 in 10 tenants are satisfied with their current landlord, and 87% think of their rented property as their home rather than just a short-term place to lay their head.
The research also found that the average duration of tenants living in their current rented property was 7 years, with the typical total stay in the private rented sector being 12 years.
Tenants were also asked about their long-term renting plans. 35% said they intend to remain in the sector, while 24% planned to buy a house in the future. Unaffordable house prices was given as the main as a reason for renting, increasing quarterly from 69% to 74%.
John Heron, managing director of Paragon Mortgages, said: â€œThis survey has identified high levels of satisfaction and an appreciation of the good value that rented accommodation can offer across the country.â€