Long term lets still the most popular 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 sixth 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 (a 5% increase on 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 2015, none of the respondents have lived in more than 3 properties, suggesting that tenants are staying longer in their rented homes;
- 64% of respondents said they tend to rent long term;
- 33% plan to buy their own home within the next six months (an increase of 19% since April 2015) and 49% hope to buy in the next few years’;
- those in the 40-49 age band were the most likely to buy within the next 6-12 months;
- of the shorter-term tenants, several already own their home but were working away and so living in rented accommodation, or were renovating their property.
*Independent study carried out for Cover4LetProperty by Usurv March 2013, October 2013, April 2014, October 2014, April 2015 and October 2015
Richard Burgess, MCIM, ACIEH, CII Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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