For many landlords, especially landlords operating in South West London, a tenant who is happy to rent for life is perfect. There is a lot to be said for finding a tenant who is happy to rent from you over a sustained period. When you have a tenant who stays for longer, you minimise the risk of void periods, and you reduce the time and cost associated with finding a new tenant.
The benefits of finding a tenant who is happy to stay with you for longer are clear, and a recent study suggests there is a growing number of tenants who are looking to rent on a permanent basis. The survey was carried out by Hillarys, and it states one-third of UK tenants have no intention of buying property.
A lot of tenants are content with renting
The study reached out to 2,000 tenants and 35% of respondents said they were more than happy to rent for the remainder of their life. Of the tenants who were asked, the average rent was £650 per calendar month. The study found that 52% of tenants are happy to rent, even though they don’t hold a desire to rent for the remainder of their life.
While there are many reasons why a person chooses to rent rather than buy, the associated freedom is a crucial factor. 37% of respondents cited the ability to come and go as they please as a big factor in why they are keen to rent as opposed to buy a home. Of course, the cost of buying a home is also a big factor to consider, and 27% of respondents said the cost of buying a property was the factor that means they are looking to rent for the rest of their life.
Avoiding repair work is a good reason to rent for many tenants
14% of respondents said they like renting because they don’t have to worry about rental repairs, and 9% of respondents said they have no intention of living any place on a permanent basis. There was also 6% of respondents who said the idea of buying a property was too stressful for them.
A spokesperson for Hillarys, Tara Hall, spoke about the survey, saying; “We hear so much about how more people have to rent long term because they can’t get on the property ladder. It’s interesting to see how many are actually happy with this. Owning a property isn’t for everyone, especially if you like not being tied down or don’t want to spend months and months saving for huge deposits.”
If you are a landlord operating in South West London, and you are keen to let to tenants for a prolonged period, let us know. At Holmes Estates, we provide a wide range of services to local landlords, and we look forward to helping you reach your goals.