Tenants increasingly stay put while homeowners move more frequently

Tenants increasingly stay put while homeowners move more frequently

0:03 AM, 10th June 2024, About a month ago

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Homeowners are moving more frequently, while tenants in the private rented sector (PRS) are staying put for longer, research reveals.

According to Zero Deposit, renters are staying in their home for an average of 4.3 years, which is 12% longer than 10 years ago.

However, homeowners are spending an average of 9.2 years in a property, which is 14% less time than homeowners spent compared to a decade ago.

The growing length of time renters are staying highlights the important role landlords play in today’s property market, the firm says.

Tenants are reliant on the PRS

Sam Reynolds, the chief executive of Zero Deposit, said: “Over the last 10 years, tenants have grown increasingly reliant on the private rental sector due to the high cost of home ownership and we’ve also seen renting as a lifestyle choice result in tenants staying put for longer.

“It’s also fair to say that, with renting itself becoming more expensive, many tenants would rather stay put once they’ve secured a rental property, rather than foot the costs of moving while their original deposit is still being held by their previous letting agent.”

He added: “While the build to rent sector has looked to provide a solution to the requirement for longer term tenancies, it’s PRS landlords who are vital to the sector and are still shouldering the majority of the weight when it comes to the provision of these properties.

“This highlights just how vitally important landlords are when it comes to the rental market ecosystem and why we must encourage investment into the sector, not deter it.”

Time spent living in a property

The firm analysed data from the English Housing Survey to find the time spent living in a property and other lifestyle trends.

It shows that the time tenants stay in their home is higher than the average of 4.1 years seen over the last decade.

Homeowners are remaining in their properties for 1.5 fewer years today versus 2012-13.

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