Tenant happiness on the rise due to longer rentals

A study of over 3,000 tenants has found that an increasing number of renters are very happy with their living situation.

The LSL Corporate Client Department’s 2017 Tenant Survey found that 32% of renters claim to be very happy, which is up from 28% last year.

A further 37% claimed that they are happy, up slightly from 36% in 2016.

The survey claims that the increase in satisfaction amongst tenant is due to a reduction in frustrations with maintenance, fees and restrictions.

The report also highlighted growth in the long-term rental market with 33% of tenants having rented for six years or longer, which is up from 29% in 2016.

Renters were split into four groups in the survey, namely, Younger Independents, Struggling Savers, Moving Up and Reconciled with Renting.

The Struggling Savers and Moving Up groups are more likely to be renting due to having a lack of deposit or have difficulty in getting a mortgage. This means they are less inclined to see renting as a lifestyle choice.

The Young Independents and Reconciled with Renting groups are, on the other hand, more likely to appreciate the flexibility that renting offers them.

Conditions of the rental property and value for money were the two most important deal breakers for the tenants surveyed. These were followed by good communication with landlords/letting agents and the overall quality of the landlord.

If you are thinking of becoming a landlord, 28% of tenants said that they would pay more rent if they were allowed to keep pets and 21% said they would pay more for high speed internet. Points to think over!

Ian Fletcher, director of policy (Real Estate) at the British Property Federation said:

“The results show that the vast majority of the sector’s customers are happy but there is no room for complacency. The rental sector’s customer base is changing, for example with far more families, and what customers want is changing too.”

He continued:

“The private rented sector can’t divorce itself from these wider social, economic and technological changes and the impact that is having on how people want to lead their lives.”

If you are looking to rent a property or are looking to become a landlord, please contact our Residential Lettings team to find out about our with you every step of the way personal service.

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