The majority of tenants say their rent provides good value for money, according to the National Landlords Association’s (NLA) latest research findings.
More than seven in 10 tenants (73%) rated their rent as ‘good’ or ‘very good’ when asked their opinion on whether it represented value for money. One in five (20%) perceived their rent as ‘poor’ value, while just 3% rated it as ‘very poor’.
The findings also show that the majority of landlords haven’t increased rents in the past 12 months, with three quarters of tenants reporting they’re paying the same rent (72%) or a lesser amount (3%) compared with a year ago.
In total, 85% of tenants said they were happy with the length of their most recent tenancy agreement and four in five (79%) said that their tenancy was either renewed or continued on to a rolling Statutory Periodic Tenancy (SPT) at the end of the previous fixed term period.When it comes to the end of the tenancy, fewer than 2% of tenants said their landlord ended their last tenancy (1%) or felt they were forced to move out because of increases to their rent (0.6%). 3% of tenants said they decided to move on or end their last tenancy of their own accord.
Carolyn Uphill, chairman of the National Landlords Association, said: “It’s pleasing to see that so many tenants perceive their rent as good value because landlords face a lot of unjustified criticism for the rising costs of living.
“The NLA has long argued that rent levels in the UK are a consequence of a market economy, with the determining factor at present being a chronic undersupply of affordable housing, compounded by lethargic efforts on the part of Government to foster more construction.
“On the whole the findings are encouraging for tenants: they demonstrate that rents on private lets over the past year have remained fairly stable and show that, in reality, very few feel pressured to move out or actually have their tenancy terminated by their landlord – a common misconception.
“However, most important of all the findings suggest that the majority of landlords are in the business of providing good quality, affordable homes and are making sustainable tenancies a mainstay of most tenants’ rental experience.”