The results are in from what is said to be the largest tenant survey ever conducted, with data collected from 5,000 people living in the private rented sector (PRS), identifying the renting habits and preferences of tenants.
The majority of tenants (53%) say they prefer a six month or one year tenancy for rented accommodation, especially among 18 to 24 year olds (69%). When it comes to choosing their new property, over half (52%) ranked living close to work or their place of study as their number one priority. The most popular reason for moving between rented properties (30%) was to upgrade to a bigger or nicer property.
A quarter of tenants reported not wanting to, or not knowing if they want to buy a home in the future. Of the 75% that expressed interest in eventually buying their own home with a mortgage, less than half are currently putting money aside for a deposit.
Nearly four in ten (38%) tenants have lived in five or more rental properties. Most tenants tend to move to a new property within a mile of their old one, however, 19% reported having moved more than 60 miles.
Over half of respondents said they would be prepared to spend either 30% (28%) or 40% (24%) of their gross monthly income on rent. The majority (62%) of younger renters (aged 18 to 24) prefer to roll up their rent and utility bills into one payment, or even include wifi and satellite TV; whereas 56% of renters as a whole prefer to pay bills independently.
With regard to letting agents, tenants rank their most important qualities as being: transparency, responding quickly to queries, being easy to contact, and competitive fees.
All in all, some interesting insights into these PRS trends. If you are thinking about becoming a landlord for the first time, or need some help with your existing portfolio why not get in touch to discuss how we can help.