The private rented sector has been given a welcome boost thanks to new research that suggests most tenants with renting for the foreseeable future.
Two separate pieces of research have revealed that private renting reflects both a lifestyle choice and a long-term plan for many UK tenants.
A new survey from property consultancy Knight Knox found that:
- 52pc of people living in rental properties could not afford to buy
- 60.7pc were content to rent because they didn't want mortgage pressures;
- 75pc of renters aged 18-24 couldn't afford a deposit but were happy renting;
- 56pc of those aged 35-54 still couldn't afford a deposit.
Andy Phillips, commercial director at Knight Knox, said: "The poll shows that renting is an appealing option and active choice for many people in the UK. Because the affordability problem is so rife, we may be seeing a shift towards a PRS-centric property landscape."
"Renting is an appealing option and active choice for many people in the UK."
Meanwhile, Citizens Advice have released their own figures showing that 34pc of private renters wanted longer tenancies. This equates to roughly 1.5m UK households who see the private rented sector as a source of medium and long term security.
In recent years there's been a dramatic increase in the number of people bringing up children in privately rented accommodation, with families making up almost four in 10 private rented households. The Citizens Advice survey found that families with children wanted longer tenancies in 39pc of cases.
Martin & Co found that 67pc of tenants are ages under 35.
Martin & Co's 2016 big landlord survey revealed that landlords are favouring family homes and 2-bed flats when investing, so there is a definite trend for landlords and tenants to opt for longer-term tenancies. The study also found that 67pc of tenants are ages under 35, showing how the average age of a tenant is increasing, and that tenants' needs are also reflected in their choice of rental property in terms of gardens, driveways for parking and spare bedrooms for children.
The sentiment coming from those within the private rented sector is that it is as much a choice as an obligation, and households are increasingly viewing their rental properties as a part of their future.