Long term tenancy is the preferred option for tenants says landlord insurance specialist
Updated data* from landlord insurance specialists Cover4LetProperty reveals that more than half of all private tenants tend to stay for five years or more in the same property.
The fifth in the series of surveys (carried out bi-annually from March 2013 to date) asked how many rented properties the respondent has lived in during the past five years:
- 54% of renters have stayed for 5 or more years in the same property (1% less than six months ago);
- in October 2013, 15% of males had lived in 4 or more properties in the last 5 years (compared to 8% of females). As at October 2014, 6% of male and 23% of female respondents had lived in 4 or more properties. Fast forward to April 2015 and while 6% of males have lived in 4+ properties, no females had;
- 80% of respondents said they tend to rent long term;
- those in the £40,000+ per annum income bracket were the most likely to go for a short term let (29%);
- 14% plan to buy their own home within the next six months and 37% hope to buy in the next few years’;
- those in the 18-29 age band were the most likely to buy within 2-3 years.
*Independent study carried out for Cover4LetProperty by Usurv March 2013, October 2013, April 2014, October 2014 and April 2015.
Richard Burgess, MCIM, ACIEH, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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