Editor's note: This brief was summarised by The Property AI Team from a report by The Negotiator. Read the original article for full details.
Two in Five Tenants Expect to Rent for Life Despite Aspiration to Buy
New research involving more than 2,000 tenants in England has found that two out of five tenants expect to rent for the rest of their lives, despite most wanting to buy their own property. According to the TDS Charitable Foundation survey, 75% of tenants would like to purchase a home, while around half want to move within the rental sector.
Supply Shortages and Longer Tenancies
Almost half of tenants said it was difficult to find a suitable property during their last search, pointing to a lack of choice in the market. The survey also found that tenancies are becoming longer, with the average rental now lasting 4.7 years, almost a year longer than a decade ago.
A Changing Sector
Jennifer Harris, Head of Policy, Research and Social Impact at TDS, said the research shows how much the private rented sector has changed. What was once a sector associated mainly with students and younger people is now home to a much wider range of households, many of whom expect to remain renters for the long term. She said housing policy needs to keep pace with that reality.
Harris also said that reforms to improve renters' experiences and rights are important, but that the shortage of housing options also needs addressing. She argued that a significant programme of housebuilding across all tenures, including homes for ownership, private rent and social housing, will be essential to give people genuine choice over where and how they live.
What This Means for Letting Agents and Inventory Clerks
For letting agents and inventory clerks, the findings point to a tenant base settling into properties for longer, with average tenancies approaching five years. With almost half of tenants reporting difficulty finding suitable properties, competition for available stock remains a feature of the market. Longer-term tenants may also place greater emphasis on property condition and documentation over the course of extended tenancies.
Source: The Negotiator