10:47 AM, 12th April 2023, About 11 months ago 4
Faced with the prospect of a rent increase, half of all tenants say they would move out in the hope of finding a cheaper rent elsewhere, research reveals.
That’s despite the demand for rented homes being 10% higher currently than it was in March 2022.
As a result, many tenants face the tough decision of whether to stay put and pay the higher rent or to move in the hope of getting a better deal.
However, the research from Uswitch highlights that one in three tenants would renew their tenancy – but only if they have a positive relationship with their landlord.
Uswitch says it set out to discover how many tenants consider their relationship with a landlord when making rental decisions – and whether they would accept a longer contract or a rent increase if they had a positive relationship.
The platform found that more than a third (36%) of all renters would both renew their contract and accept a rent increase if they had a positive relationship with their landlord.
Despite this, the most popular choice for half of all tenants would be to renew their contract, but only without a rent increase.
Only one in ten tenants say they would neither renew their contract nor accept an increase in rent.
Kellie Steed, Uswitch’s buy-to-let mortgages expert, said: “It is clear from our survey data that tenants place a lot of importance on the positive values that go into a successful landlord-tenant relationship.
“It is these positive relationship building blocks that have influenced 36% to consider renewing their contract on a higher rent.”
The survey found that tenants aged over 55 are the most likely (44%) to renew their contract, even if their rent is increased.
And both landlords (51%) and tenants (68%) agree that communication is the key to a successful landlord-tenant relationship.
Uswitch says that 18-24 year-olds had the lowest percentage of tenants willing to base both of their rental decisions on their landlord-tenant relationship, at just over a quarter (26%).
However, this age group gave the second highest vote to the option renewing without an increase (53%), only narrowly behind their peers aged 25-34 who gave 54% of their vote to this option.
At the other end of the scale, tenants aged 55+ were the most likely to consider a contract extension and rent increase based on a positive relationship with their landlord.
More than four in ten (44%) voted for this option, 16% more than 18-24 year-olds.
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