Staying put in a long term let still a trend says landlord insurance specialist
Updated data* from landlord insurance specialist Cover4LetProperty reveals that more than half of all tenants in the private rental sector tend to stay for five years or more in the same property.
The eighth 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:
- 59% of renters have stayed for 5 or more years in the same property (no change from a year 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 2016, just 8% of males and 5% of females have lived in more than 3 properties, suggesting that tenants are staying longer in their rented homes;
- 79% of respondents said they tend to rent long term (up 15% in a year);
- 15% plan to buy their own home within the next six months (down 18% in the last six months) and 29% hope to buy in a few years’ time;
- those aged 18-29 were the most likely to buy within the next 6 -12 months.
*Independent study carried out for Cover4LetProperty by Usurv bi-annually from March 2013 to September 2016.
Richard Burgess, MCIM , ACIEH, Cert CII, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
With roots going back to 1946, our clients can benefit from 70 years’ of experience in the landlord insurance marketplace. We are award-winning independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.