The PRS continues to grow in popularity for a multitude of demographics across the UK, with families now the most common household type in the sector.
- Families now make up the majority of the PRS, with 48% of landlords renting to families with children
- The appeal of renting continues to broaden as it offers an inclusive and flexible option over owning a home
- Some 77% of families consider their rental accommodation to be home
Families have become the most common household type in the private rented sector (PRS) for the first time.
More landlords now let to families with children, some 48%, than any other household type, overtaking young couples at 47%, latest research from the National Landlords Association found.
This represents a shift compared to four years ago, when young singles made up the largest group at 53%, followed by young couples and families with children, both at 51%.
The PRS now accounts for approximately five million households in the United Kingdom and, according to the latest English Housing Survey, the proportion of families in the PRS has increased from 30% in 2004-5 to 37% in 2014-15 – an increase of almost one million households in a decade.
Richard Lambert, Chief Executive Officer at the NLA, said: “For the majority of the 11 million private renters, renting offers an inclusive and flexible option which works for them in their current circumstances.
“Contrary to popular perception, there’s growing evidence that renting is no obstacle to putting down roots and calling somewhere home. The majority of landlords want good, stable, long-term tenancies, and these findings show that more and more are becoming receptive to helping families make a home in the private rented sector.”
Renting is now seen as a stable option for families. Almost eight in 10 stated they were happy with the length of their tenancy and 79% reported that their tenancy was renewed or stayed the same at the end of the initial fixed term.
As the PRS continues to diversify, the perception of renting as a barrier to family life no longer holds true, with 77% of families considering their rented accommodation to be home.