The data shows that renters are spending an average of 4.3 years in a rental property. This is down slightly from last year’s average of 4.4 years but it is still 12.1% higher than a decade ago, when tenants in the private rental sector were spending an average of 3.8 years in each property.
This figure is also higher than the 10-year average of 4.1 years. According to Zero Deposit, this highlights the importance of the private rental sector when it comes to providing long-term accommodation.
Zero Deposit chief executive officer Sam Reynolds said: “Over the last ten years, tenants have grown increasingly reliant on the private rental sector due to the high cost of home ownership and we’ve also seen renting as a lifestyle choice result in tenants staying put for longer. It’s also fair to say that, with renting itself becoming more expensive, many tenants would rather stay put once they’ve secured a rental property, rather than foot the costs of moving while their original deposit is still being held by their previous letting agent.
“While the build to rent sector has looked to provide a solution to the requirement for longer term tenancies, it’s private rented sector landlords who are vital to the sector and are still shouldering the majority of the weight when it comes to the provision of these properties. With the Renters Reform Bill also set to provide further security to tenants with respect to tenancy lengths and eviction powers, it’s likely that the time spent in the same rental property will continue to increase over the coming years.”
To learn more about the UK property market, take a look at our latest buy-to-let area guides covering topics such as available investment property in Hastings and available investment property in Burton.
We hope you have enjoyed reading this article on why tenants are spending 12% longer in rental properties than 10yrs ago.
