Majority of tenants happy with their landlords

The majority of tenants in the private rented sector (PRS) are happy with their landlords and feel “at home” in the current place of residence, new study has revealed.

The research commissioned by buy-to-let specialist Paragon Mortgages and carried out by BDRC Continental shows a rise in tenant satisfaction in the second quarter of 2015. A total 80 per cent of tenants were satisfied with their current landlord and 87 per cent are now regarding their rented property as their “home”, rather than a short-term arrangement.

The research also highlighted that the average duration of tenants living in their current rented property in the second quarter was seven years, with the typical total stay in the PRS being 12 years.

Over a third of tenants plan long-term stay in PRS

When asked about their long-term housing plans, more than a third (35 per cent) of participating tenants intend to remain within the PRS. Almost a quarter (24 per cent) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69 per cent to 74 per cent.

More than two-thirds believe rents provide “good value for money”

The research also reported 65 per cent of tenants believe their rental payment is, in terms of value for money, either ‘good’ or ‘very good’.

John Heron, managing director of Paragon Mortgages, said:

“This research provides a valuable insight into the sector. There are many surveys of landlords and many academic reports on the PRS. There are, however, too few surveys that poll tenants directly on their experience of renting privately.

“This survey has identified high levels of tenant satisfaction and an appreciation of the good value that rented accommodation can offer across the country. It is more disappointing though to see that affordability constraints are impacting negatively on future choices in housing with less than a quarter of tenants expecting to buy their own home in due course.”

The survey was based on a sample size of 800 respondents sourced from a consumer panel. It was designed to be demographically representative of tenants privately renting across the UK, and forms the second issue of an ongoing series in tenant surveys conducted by BDRC Continental.