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Tenants Spending 12% Longer in Rental Properties Compared to a Decade Ago

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    Renters Stay Longer in Properties While Homeowners Move More Often

    A report from Zero Deposit has revealed that tenants are spending longer in rental properties, while the time homeowners spend in a property has dropped compared to ten years ago.

    By analysing the latest data from the government’s English Housing Survey, Zero Deposit have put together a report showing the number of years spent in a property by homeowners and renters and how this has changed over the years.

    The information revealed by this data analysis is good news for investors in buy-to-let property who will have stable rental income for extended periods of time as tenants spend longer living in a buy-to-let property.

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      How Have Moving Habits Changed for Homeowners?

      Homeowners appear to be moving home more often than before, as figures show they now spend an average of 9.2 years in a property. This is the second lowest amount of time spent in the last 10 years, excepting the pandemic years (2020-2021) when it fell to 8.7 years.

      The amount of time spent in a property by owners has reduced by 13.9% compared to a decade ago, which is 1.5 fewer years than the average in 2012 and 2013.

      The average is now lower than the 9.9 years average for the past ten years.

      Further Reading: What is a rental property investor? Find out the answer to this question and learn about other topics such as how to best invest £500,000 with our guides and insights.

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      How Have Moving Habits Changed for Renters?

      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.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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