Property News

Tenants staying in PRS for longer

Ryan - February 22, 2016

Latest government figures suggest that private rental sector tenancies are getting longer.

Additionally, data from the report shows that the typical length of residence in a family-sized rental unit is increasing.

Rises

The English Housing Survey 2014/15 shows that in the last 10 years, the proportion of privately rented homes with dependent children has risen from 30% in 2004-05, to 37% in 2014/15.

In addition, the average length of private sector residencies rose to 4 years, from 3.5 one year ago. The survey also found that tenants living in privately rented accommodation for a greater length of time generally paid less.

Tenants staying in PRS for longer

Tenants staying in PRS for longer

Break down barriers

As a result, the RLA has called on the Government to break down barriers that prevent longer-term tenancies. These include restrictions imposed on landlords by lenders

RLA chairman Alan Ward, believes, ‘more can be done to help landlords offer longer term tenancies without the need for compulsory three or five tenancies. We are calling on the Government to use the Housing and Planning Bill to remove barriers preventing landlords from offering longer tenancies, including mortgage and leasehold conditions that may prevent this.’[1]

‘Notable increases in the average length of time tenants stay in a private rented property show the system already enables longer tenancies that so many are calling for. Landlords are already meeting tenants’ requirements and there is no need for heavy-handed legislation that would disrupt supply of badly-needed accommodation,’ Ward went on to say.[1]

 

[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/2/private-rental-sector-tenancies-for-families-are-getting-longer