Long-term renting is becoming the norm, as many tenants are favouring location preference over being homeowners.
The results from London estate agent Kinleigh Folkard & Hayward (KFH)’s Annual Tenant Barometer have been released, showing that tenants are expecting to rent for longer.
The highlights of these results include:
- Tenancy length is now a top 5 priority for London tenants
- 59% of tenants feel they would never be able to buy in the Capital
- Tenants now expect to be renting for 5 years, a 25% increase from a year ago
Lisa Campbell, a tenant who lives with her partner, has commented: “This was the first rental we had together, and the four years we have spent in our rental have suited us for this time in our lives. Buying a property outright was not affordable for us in the area we wanted to live given the current climate.”
Many feel that the prospect of purchasing a property in the capital city is one that is even more out of reach. This has led couples to make the decision to rent in a preferred area, over buying in a location that they don’t want to live in, purely due to affordability. Long-term renting provides them with more freedom of choice, when it comes to lifestyle, than being a homeowner in London would.
Carol Pawsey, Director of KFH Group Lettings, said: “The strength of the private rental sector has been well documented and debated, and there is no doubt that the demand for rented accommodation is set to continue. In fact, in the first 10 weeks of 2019, our online tenant enquiries were up by 57% on 2018 and tenant registrations across our 46 lettings offices were up by over 25%.
“It is a good time to be a landlord in London, albeit, with changes to legislation, it pays to be partnering with those who can guide you through.”
The Annual Tenant Barometer has concluded the top five tenant priorities, when looking to rent. These are respectively:
- Rental price
- Location within London
- Size of the property
- Proximity to transport links
- Tenancy length
Younger renters (aged between 18 and 34) have also highlighted a preference for a fully furnished property and bills being included in the rent.
Brooke and Gordon Kenwright, who also rent through KFH, have said: “The main advantage of taking a longer tenancy is the feeling of security and knowing we won’t have to move again in 12 months – trying to minimise any disruption for our two sons, aged six and nine”.