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Over half of tenants want six-month or one-year tenancies, survey shows
One of the biggest surveys of tenants in the private rental sector shows that a narrow majority favour a six month or annual tenancy – not the longer periods suggested by some consumer groups and politicians.
The survey was conducted by respected polling organisation YouGov on behalf of Knight Frank and involved some 5,000 tenants.
Of these, 69 per cent of tenants aged between 18 and 24 said they would prefer a tenancy agreement of up to a year, with 61 per cent of 25-34 year olds saying the same. Of those respondents who wanted a break clause, allowing tenant or landlord to end the lease early, most said their preferred time-frame to break was six months.
The survey also reveals that the private rented sector continues to grow in size – it now consists of around 5.4m, or 20 per cent, of properties now being let out to private tenants.
Other points from the survey show that 52 per cent of tenants say living close to work or their place of study is a key priority, and the main reason (30 per cent) for moving between rented properties was to upgrade to a better or larger property.
A total of 38 per cent of tenants have lived in five or more rental properties and the majority have moved within a mile of their previous property – although 19 per cent have moved more than 60 miles, indicating a relocation for work or study.
Other points include:
– nearly a quarter of Londoners are prepared to pay 50 per cent as a maximum amount of their gross annual income on rent;
– a quarter of those privately renting do not want to, or don’t know if they want to buy a home in the future. Of those that express a desire to eventually buy a home using a mortgage, less than half are currently saving towards a deposit;
– a quarter of those living in the private rented sector live alone, while 34 per cent live in a couple without children. Some 43 per cent of 18-24 years olds share with other adults in a flat-share.
It’s a fascinating snapshot of the sector and you can see it in full here.
