Tenants want long term rentals

More than half of all tenants in the private rented sector tend to stay in their rented accommodation for five years

More than half of all tenants in the private rented sector tend to stay in their rented accommodation for five years or more, updated data from landlord insurance specialist Cover4LetProperty shows.

The eighth in the series of surveys, which is carried out bi-annually – from March 2013 to September 2016 – asked how many rented properties the respondent has lived in during the past five years, with 59% of renters having stayed for five or more years in the same property – no change from a year ago.

In October 2013, 15% of males had lived in four or more properties in the last five years compared to 8% of females.

As of October 2016, just 8% of males and 5% of females have lived in more than three properties, suggesting that tenants are staying longer in their rented homes.

Some 79% of respondents said they tend to rent long term, which represents an increase of 15% over the past 12 months.

Some 15% of exiting renters plan to acquire their own home within the next six months, down 18% in the last six months, while 29% hope to buy in a few years’ time.

Written by: Houseladder