Tenants in England and Wales are staying put for longer – DPS

Tenants in England and Wales are staying put for longer – DPS

0:04 AM, 18th April 2024, About a month ago 1

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The last four years have seen a big jump in tenancy lengths in England and Wales as tenants are staying for 218 days longer.

That’s according to research from the Deposit Protection Service (DPS) which says renters are now staying in their properties for an average of 924 days – or more than two and a half years.

The UK’s largest deposit protector says that compares to 706 days – just under two years – in 2020.

This represents a rise of 218 days, a jump of 31%.

‘Tenancy lengths started increasing during the pandemic’

Matt Trevett, the managing director at The DPS, said: “Average tenancy lengths started increasing during the pandemic as a result of government restrictions on moving and, despite the lifting of all restrictions in February 2022, average tenancy lengths have continued to rise.

“Responses to our regular tenant surveys suggest that the combination of competition for new rentals, high rents and other financial issues, as well as tenants acquiring a ‘lockdown pet’ are contributing to renters typically staying for longer in a property.”

He adds: “Longer tenancies can also increase the likelihood of wear and tear and maintenance issues associated with a rental property; we’d therefore encourage landlords and tenants to keep an open dialogue throughout to ensure concerns are dealt with in good time as well as help avoid any dispute over the return of a deposit at the end of a tenancy due to the property’s condition.”

Challenges renters face in the current market

The DPS research also highlights the challenges renters face in the current market as the proportion of those finding it difficult to move increased by 6%.

Also, more respondents (50% vs 48%) stated they had no plans to move.

The data shows a 3% rise in tenants taking on extra jobs to secure a rented home, and a 1% increase in those making financial sacrifices (64%) to afford their new rent.

Notably, the proportion of movers paying more than £500 upfront to secure a property has increased by 5%.


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Comments

Cider Drinker

8:39 AM, 18th April 2024, About a month ago

I thought they were all being evicted for no reason? lol

They will be staying longer because of the lack of affordable alternatives.

Too many people, too few houses.

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