A survey from the National Landlords Association (NLA) has revealed that most UK tenants believe that their rent provides good value for money.
This is despite rents rising significantly in recent years and wages struggling to keep up.
Tenants Believe Rent is Value for Money
The study, undertaken by the NLA, found that almost three-quarters (73%) of respondents thought that the price of rent for their property was either good or very good value for money.
Just a fifth (20%) of tenants said that it was poor value, with only 3% claiming it is very poor.
After a period of increases in rent, the majority of landlords haven’t raised their rents in the last 12 months, also states the survey.
This was reflected in just over 70% of tenants revealing that they pay the same, or a reduced amount (3% of respondents), compared to a year ago.
Carolyn Uphill, NLA Chairman, says: “It’s pleasing to see that so many tenants perceive their rent as good value, because landlords face a lot of unjustified criticism for the rising costs of living.
“The NLA has long argued that rent levels in the UK are a consequence of a market economy, with the determining factor at present being a chronic undersupply of affordable housing, compounded by lethargic efforts on the part of Government to foster more construction.”
“On the whole, the findings are encouraging for tenants; they demonstrate that rents on private lets over the past year have remained fairly stable and show that, in reality, very few feel pressured to move out or actually have their tenancy terminated by their landlord, a common misconception,” she explains.
Uphill concludes: “However, most important of all the findings suggest that the majority of landlords are in the business of providing good quality, affordable homes and are making sustainable tenancies a mainstay of most tenants’ rental experience.”1