A recent study of the private rental sector by BDRC Continental for Paragon Mortgages has revealed 80% of tenants to be more than happy with the service they receive from their landlords. The study also showed that there are more people renting than ever before. The sector has undoubtedly seen many shifting demographics, and as we approach the end of 2015 it seems that overall satisfaction levels remain high.
Data such as this highlights the importance of the private rental sector to the UK’s housing market. The expansion of the sector and the ever-increasing numbers of people living in rented accommodation indicates the UK rental market will soon catch up with its European counterparts.
The year has seen a particular rise in couples with children renting properties. The figures show that they now account for 21% of the market, with couples making up 29%. The survey focused on tenant satisfaction as well as statistics, and a staggering 87% of renters said that they considered their rented accommodation to be their home rather than a temporary solution. The average time a tenant now spends in a property has risen substantially, and currently stands at approximately 12 years. Additionally, almost half of landlords reported a significant rise in demand for properties in the third quarter of 2015.
The ever-improving standard of accommodation is one major factor driving the change. More than 66% of the tenants surveyed described their accommodation as “good” or “very good” value for money. This positivity has spread throughout the market over time, sending a clear message that private rental presents an attractive living option.
The growing demand has created competition and encouraged better practise within the market, which has inevitably led to higher standards. The upshot is that the prospect of renting has become increasingly appealing to many. The improved standards and affordability of rental properties will ensure the continued boom of the market, and landlords and investors have every opportunity to secure regular incomes and extensive investment returns.
Although the market is healthy, it is still important to have professional management so you can offer tenants an excellent experience. We can offer first-time and well established landlords a high calibre service that covers every aspect of private and council leasing in Havering and throughout all the other London Boroughs. We take care of everything from tenant placement, inspections and maintenance to collections and renewals.