The latest survey undertaken by BDRC Continental on behalf of Paragon Mortgages shows that satisfaction levels in the private rented sector remain high. It also reveals the sectors changing demographics.
More than eight in ten of those surveyed (81%) reported being ‘satisfied’ with their landlord, while two-thirds considered their rented home to be either ‘good’ or ‘very good’ value for money.
This strongly suggests that the gradual demographic shift is driven not only by a shortage of housing stock, but also by the ever-improving standards of the private rented sector. The survey shows that the sector has become more attractive to families, with couples with children now making up more than a fifth (21%) of the sector, and couples without children at 29%.
Additionally, 87% of those surveyed think of their rented property as their home. The average length of time spent living in a rented home was found to be 12 years.
The demand for private rented accommodation is only getting stronger, with a 41% increase in tenant demand reported nationally in Q3 2015. The highest average yields were reported in Yorkshire and the Humberside, at 6.1%.
With landlords benefiting from an asset class with the best returns, and tenants benefiting from improving standards and flexibility, everyone appears to be winning.