55% of tenants remain in a property for five years or more

News at Eden Harper | 09/10/2017


55% of tenants in the private rented sector remain in the same property for five years or more, showing that most tenants stay put in the longer term and choose not to move around
 
Less than half - 42% - of tenants have moved multiple times within five years, but have tended to only move two or three times during the five-year period.  
 
The survey, carried out by property insurance specialists, Cover4LetProperty, goes against what some people outside the sector assume of those inside it: that tenants move from rental property to rental property quite regularly.  
 
The findings suggest that only 3% of renters have moved to four or more properties within the last five years.  
 
29% said the reason they moved was a result of rising rents, though a portion of tenants may be renting for longer as a result of rising property prices, making affordability a key obstacle for renters who would otherwise choose to buy their own home.  
 
With the cost and general inconvenience of moving a potential hindrance for tenants, these figures show that increasing numbers of tenants are choosing to remain in the same property for longer. In London, it's often the case that tenants move around more regularly and tenancy lengths are, on average, shorter. But tenants in London are also choosing to remain in the same property for longer.  
 
Meanwhile, the buy-to-let market has demonstrated an ability to adapt to multiple changes affecting the market, including changes to mortgage interest tax relief.  
 
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