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An industry report has revealed that the average short-hold tenancy is now 2.7 years, in contrast to the average of 2.5 years recorded last autumn. The figures published in the annual Rent Check Report were based on a survey of more than 2,000 landlords in the UK.
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Tenant Demand Is Increasing
Other interesting facts uncovered in the survey included:
- 14% of landlords purchased one or more properties in the last quarter
- 38% of landlords think tenant demand has increased in the last quarter
- 29% of landlords are planning on buying one of more properties in the next year
- 8% of these landlords are looking to purchase a new build property
- 4% of landlords have reduced rents in the last year
- 26% of landlords believe rent prices will rise over the next 6 months
PRS is Growing
The private rental sector in the UK is continuing to rise with government figures putting the number of homes in the sector at 4 million. On average, tenants are spending around 30% of their income on rent, although this figure varies depending on how much demand there is for properties (in London many tenants are having to spend 50% of their wages on the monthly rent).
“The demand for rented housing and the constraints on the wider housing market mean that rented housing is likely to retain the same income dynamics for the medium to long-term. The rented sector is growing at such a rate that landlords will share in a secure and attractive return,” says Paul Winstanley, co-author of the report.
