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Buy to Let

Home is where the tenant is

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/02/2024

The majority of private tenants are satisfied with their rental property and their landlord

An overwhelming 90% of tenants consider their rented property to be their home, according to a survey of more than 800 Private Rented Sector (PRS) tenants on behalf of Paragon Mortgages.

It found high levels of satisfaction with rented accommodation – with 79% saying they felt satisfied with their current landlord, while just 13% said they had rented from a ‘rogue’ landlord – down from 15% in the previous quarter.

It helped that average rents decreased among respondents from £660 in the third quarter of last year to £607 in quarter four.

As a result, the number of tenants perceiving their rent to be ‘very good’ value for money increased from 18% to 20% over the same time period.

Long-term tenants

The average length of time spent in the private rented secor has also risen, from 12 years in the third quarter of 2015, to 14 years in quarter four, with respondents staying an average of 9.5 years in their current rented property.

John Heron, director of mortgages at Paragon, said: “Our latest tenant survey data highlights the way in which tenure distribution in the UK is continuing to change. In common with the most recent English Housing Survey we are seeing greater numbers of families living in the PRS, and for longer periods of time. This has coincided with improved levels of satisfaction and better value, it is clear that many tenants in the PRS regard the sector as their long term home.”

“This latest data highlights more clearly than ever, the vital role the PRS now plays in housing Britain and housing policy needs to be applied carefully, to reflect this fact and to avoid impacting those who rely on the PRS for a home.”