So, we were pleased to read a report which suggests the vast majority of tenants are happy with their rental accommodation, and are satisfied with their landlord.
Happy tenants make landlords’ life easier
Findings from the Social Market Foundation’s (SMF) survey of renters highlighted some interesting points about the letting community:
- 81% of respondents said they are happy with their current rental property
- 85% of respondents said they are satisfied with their landlord
- 34% of respondents said the biggest dissatisfaction was “being a renter”
- 13% of respondents indicated they would be satisfied with renting long-term
There is no denying many people rent because they feel they have no other option. A lot of tenants would prefer to own property as opposed to renting. This is a fact of the rental market.
Yet, with so many respondents saying they are happy with their rental accommodation and landlord, there is a cause for optimism surrounding the rental market.
As a landlord, if your tenant is happy, your job is a lot easier.
Should the Government implement changes in the rental market?
The SMF made a number of recommendations to the Government, including:
- Increasing the stability of tenancy agreements – This is on the back of 69% of respondents supporting a fixed minimum contract length of 24 months
- Offering tenants a greater degree of control over their home, including the option to keep pets or make alterations in the property
- Increase the level of accountability held by the landlord
- Improve the standard of private rental properties – it was suggested landlords could receive tax incentives to improve rental property
Aveek Bhattacharya, SMF Economist and an author of the report, said: “Dominant cultural narratives about the private rented sector paint a misleading picture. In contrast to the horror stories that get wide circulation, the majority of renters are satisfied with their living conditions and have decent relationships with their landlords. It is absolutely right that the Government should seek to help the minority with poor standard accommodation and unprofessional landlords. At the same time, it needs to think harder about what it can offer the typical renter – who is largely happy with their circumstances today, but has doubts about whether they want to keep renting long-term.”
Aveek concluded by saying; “Giving renters more control over their homes – allowing them to keep pets or decorate would help. So would incentivizing landlords to make improvements to properties to make them good, and not just decent. But perhaps the biggest challenge is developing policies that can persuade renters that they are not missing out on financial security and stability if they don’t own their home.”
Richard Rowntree, Paragon Bank Managing Director of Mortgages, was reported by Property Reporter as saying: “The outdated and tired cliches around privately renting need to be challenged and I welcome the findings from SMF’s report. In our experience, the vast majority of landlords seek to provide a good quality home and enjoy a healthy relationship with their tenants; the significant investment in private rented property by landlords has helped drive up standards over the past 15 years and today homes in the sector are generally newer, larger and more energy-efficient than ever before.”
Contact Holmes Estate Agents for all your South West London housing needs in 2022
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.