Average UK rent reaches £745.97 p/m

According to the National Landlord Association’s first Quarterly Tenant Index, an overwhelming 79 per cent of tenants are satisfied with their current landlord.

The length of time tenants remain in the same rental property also indicates high satisfaction levels; the results show that 46 per cent of tenants have lived in their current rental home for four or more years and a further 24 per cent have lived in their current accommodation between two and four years.

Furthermore, results show that 36 per cent of tenants still reside in their first rental property. And of the 64 per cent of tenants who have terminated previous tenancies, the majority have done so for personal reasons; 27 per cent wanted to up or down size, nine per cent were relocating for work or study and 17 per cent had experienced a change in circumstances.

The research also reveals that, whilst the majority (71%) of tenants rent because they can’t afford to buy, for some renting is the tenure of choice; nine per cent of tenants prefer the flexibility that renting offers and a further nine per cent say that they can afford to rent properties that they couldn’t afford to buy.

Further research highlights include:

  • The average rent in the UK is £745.97 per month
  • 63 per cent of tenants report that their rent remains the same as this time last year
  • 76 per cent of tenants have met their current landlord
  • 42 per cent of tenants chose their letting agent based on location

David Salusbury, Chairman of the National Landlords Association says: “Tenants have high expectations of their rental experience and so I’m delighted to report that the majority are satisfied with their landlords. There are many landlords who take great professional strides to ensure they are doing the best by their tenants – it’s good to see their efforts come to fruition.

“The research shows that most (63%) landlords have not increased their rents in the last 12 months. With the cost of living increasing for everyone in the UK, it’s encouraging that many landlords are not seeking to impose an additional financial burden onto their tenants.

“Tenants who are looking for rental properties should ask if the prospective landlord is a member of a professional organisation like the NLA. Professionally accredited landlords are aware of their obligations and understand the rules and regulations governing the letting of their property”.

 

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