The popularity of the private rented sector continues to grow as an increasing number of tenants view their rental property as home and find rental costs good value for money.
- Some 39% of UK landlords report that tenant demand has increased in the first quarter of 2016
- Research found that 85% of tenants see their current rental property as home and a further 69% believe rent to be good value for money
- Housing tenure in the UK continues to shift, with the average length of time tenants spend in the private rented sector at 13 years
Demand for rental accommodation in the UK continues to rise, new research shows.
The number of landlords reporting tenant demand as either increasing slightly or significantly stood at 39%, up from 34% in the fourth quarter of 2015. A further 36% of landlords described tenant demand as being stable.
High levels of tenant satisfaction are being witnessed in the sector, according to the latest survey by BDRC Continental for Paragon Mortgages. Some 79% of tenants surveyed said they are satisfied with their current landlord.
Research also found that 85% of tenants consider their current rental property to be their home and 69% believe the level of rent they pay to be good or very good value for money.
“The rise of the PRS and the decline of the social housing sector have been the predominant trends in the UK’s changing housing tenure over the last 20 years. This survey clearly demonstrates that the PRS is increasingly providing longer term solutions in housing and that responsible and professional landlords are supporting the provision of housing to those that rely on the PRS for their home,” John Heron, Director of Mortgages at Paragon, commented.
Reflecting the changing balance in housing tenure, the average length of time tenants spend in their current properties now stands at nearly seven years. The average length of time spent in the PRS in total was reported to be nearly 13 years.