A generational shift in attitudes towards home ownership has seen an increase in the numbers of UK tenants calling for longer tenancies.
- Increasing numbers of UK tenants want longer tenancies
- Four in 10 tenants now expect to rent the same property for up to 10 years
- The governments build-to-rent scheme aims to offer the security of longer tenancies and better quality properties
40% of tenants now expect to rent a property for up to 10 years, while over half of tenants within the private rented sector (PRS) have already lived in their existing property for five or more years, according to new research.
The latest figures from the English Housing Survey also reveal the number of tenants with children increased by 6% over the last decade, while the average length of tenancy within the PRS increased from four years to 4.3 years – over the last 12 months, suggesting families are becoming increasingly reluctant to move regularly.
Michael Thirkettle, Chief Executive of property and construction consultants, – McBains Cooper, commented: “Renting for the longer term is becoming more common. For some it might be because they are priced out of the housing market, for others, it may also reflect a more Continental attitude where people are content to rent rather than buy.”
With home ownership in decline, the private rented sector is in need of reform, in order to improve security of tenure for private tenants as well as the quality of private rented homes.
The build-to-rent scheme launched by the government in 2012 aims to do just that, by increasing the supply of high-quality homes available to rent in the private sector. This growing part of the industry provides purpose-built, properly managed properties with long-term tenancies that are more conducive with the tenant’s lifestyle and needs.
2017 is expected to see a number of tenants move away from the property offerings of private landlords in favour of this new concept of renting.