15:40 PM, 22nd June 2016, About 6 years ago
The most common household type in the private rented sector (PRS) is now families, according to the latest research.
This is the first time in the UK that families have been the most common household type in the sector.
Families with children make up 48% of the sector, overtaking young couples which make up 47%.
The proportion of families in the PRS has increased to 37% in 2014/2015 from 30% in 2004/2005, which is an increase of 912,000 households in 10 years, according to the latest English Housing Survey.
76% of families surveyed revealed that they were happy with the length of their tenancy while 79% reported their tenancy was renewed or stayed the same at the end of the initial fixed term.
“This research indicates that the majority of families consider renting privately to be a stable option which is good news for landlords that hope to secure good, reliable tenants for the long term,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
“Landlords can increase their appeal to family households by offering longer tenancies,” added the spokesperson.
60% of renting families do not consider renting to be an obstacle to family life and 77% of families consider their rented accommodation to be home.
A further 65% revealed that they were able to personalise their rented accommodation however they chose, which suggests that landlords are offering more freedom and choice when it comes to the aesthetics of their buy to let property.