Quarter of tenants ‘expect to rent for life’

Fri 20 Feb 2015

Almost a quarter (24 per cent) of tenants believe they will rent a home for the rest of their lives.

A new poll by YouGov has found a significant portion of the population are planning to remain a tenant until their dying day, while a further 15 per cent indicated they expect to be in the private rented sector for at least five more years.

This could be considered good news for landlords and prospective buy-to-let investors, who will continue to have a vast pool of tenants available to rent their properties.

However, if you are a current or future landlord, you will need to bear in mind some factors, such as the things tenants are looking for when it comes to choosing rented accommodation.

In response to the poll, 78 per cent said they want to live within one kilometre of local transport links and more than a third said they draw the line at a six-minute walk to their nearest train station or bus stop.

A similar amount (32 per cent) of tenants admitted to renting a home because it suits their lifestyle, allowing them the flexibility to move between various locations, change jobs at ease and avoid the financial pressure of having to pay a mortgage for many years.

Should you be planning to let a property to younger people it is wise to prioritise a central location, as 53 per cent of 18 to 24-year-olds said they will happily take on a studio or one-bedroom flat if it is close to shops, bars and restaurants.

Of all the potential extras, the highest number of tenants said they would be prepared to pay more for off-street parking. It is also worth thinking about investing in properties with a garden, additional bedroom or double glazing, as these will prove to be attractive to tenants.

With so many people safe in the knowledge they are set to rent their home for the rest of their lives, there is a wonderful opportunity for landlords to cash in on soaring demand. The key now is to purchase the most suitable properties.

If you have additional properties you could let speak to your local branch.