It is fair to say 2020 has been a challenging year, and the rental market has faced many challenges. The property market has been boosted by the stamp duty holiday, but there isn’t an equivalent in the rental market.
Often, the rental market, and the people who operate in it, feel as though they are cast aside or ignored. Therefore, it is pleasing to read studies and reports which suggest many tenants are currently happy.
We work closely with the local lettings market
At Hunters Stoke Newington, we aim to provide landlords and tenants with as much guidance and support as we can. We know these are challenging times, but if we can assist you make the most of the local rental market, get in touch, and we will be more than happy to assist you.
A survey of more than 2,000 tenants found that many people enjoy renting, and have no problems in continuing to rent.
54% of tenants said renting suits their current situation or they enjoy renting. The reasons for this response include:
- 48% of respondents said they like not having to worry about repairs
- 35% cited the flexibility to move at ease
- 32% said a great location means they are unlikely to move
- 31% said they like living in an area where they couldn’t normally afford to buy property
- 22% of respondents said the property is perfect for them
The same study found that satisfaction with the rental process increases with age. For people aged 55 or younger,49% of respondents said they are happy with renting, and that it is good for their needs. However, for people aged 55 or older, the response increases to 70%.
There appears to be satisfaction in the rental property people live in, with 59% of respondents saying they like their current rental property. 40% of respondents said that improvements are requirement, but more importantly, over 60% of respondents said their rental property feels like home, even if they don’t own the home.
Working relationship with the landlord
68% of respondents said they have a positive working relationship with their landlord. 80% of respondents said the landlord was easy to contact, 65% said their landlord carries out repairs promptly, and 58% of landlords say repairs are made to a good standard.
These are clearly issues which matter to tenants, which means they should matter to landlords. At Hunters Stoke Newington, if you are looking for support or guidance in this area, we can help you achieve your goals in the local lettings market.
Richard Rowntree, Paragon’s managing director of mortgages, said; “We spoke to nearly 2,000 tenants in the private rental sector across the country about their experiences of renting and the results confirmed what we suspected. The tenant base is diverse - from young couples finding their first home together, to families, to people in later life who may live on their own – but it’s one that sees the benefits of the tenure.”
Richard continued by saying; “Of course, the UK is a nation of homeowners and many tenants naturally aspire to own their own property, particularly those in the younger age brackets, but people are generally happy in their rented home, recognise that it suits their needs and, on the whole, enjoy a good relationship with their landlord.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.