Renters say they are in the market for the long-term
- 20th August 2019
- Landlord Property News
New research shows that 74% of private renters plan to keep renting over the next two years – great news for landlords
New government research reveals that 74% of private renters plan to keep renting over the next two years, whilst 59% of private renters plan to keep renting for at least the next 5 years*.
Although renting is usually associated with younger professional, the research also shows that the average age of a private sector tenant in the UK has risen to 40, suggesting that an older demographic has emerged in the market as people rent for longer. This is borne out by the fact that 9% of all 55 to 64 year were renting in 2017/18, compared to just 5% ten years ago.
More people renting for longer is good news for landlords in London. Long term tenants provide landlords with the security and confidence that their property will be generating income for a longer, sustained period of time.
Long term tenancies also mean that landlords end up spending less time and money trying to find new replacement tenants when contracts finish.
We also know that tenants renting a property for a longer period of time is far more likely to look after it and treat it as their own, as there is a mutual interest in the upkeep of the property. Tenants who can feel the property is their long-term home are far more likely to take an interest in its general presentation.
Stephen Ludlow, Chairman of ludlowthompson, says: “Landlords will be delighted to hear that more people are looking to rent for longer, presenting them with more great opportunities for consistent returns.”
“The fact that an even great share of the UK’s older population, who are traditionally more financially stable, are looking for rental opportunities could suggest that now is an appropriate time for would-be landlords to rent out their properties.”
“At ludlowthompson, we have accumulated over 25 years’ of experience of property in London. Landlords can rest assured that we have the knowledge and expertise to help them find the best tenants on long-term agreements, ensuring that rental properties are working hard for them.”
*English Housing Survey 2017 to 2018: private rented sector
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Arissa Hossain via Google Reviews:
“I've been looking for a place for months and Ludlowthompson was the first agency to make the experience way less stressful. They follow up promptly and have been extra helpful with all my queries. Sarah from the Oval office was so accommodating and friendly, and even drove us from one viewing to another when it happened to come up. Would definitely recommend.”
Rosalind Webber via Google Reviews:
“My experience of LT is that they are efficient, hardworking and patient. Surasak, Kirsty and Alex were assigned to sell my duplex apartment and in the end we achieved a good price in a tricky market. The sale of my property wasn't straightforward but they worked hard to bring only the right buyers round and to eventually get the sale through. I was able to communicate with everyone easily and they helped me with a lot of questions as we went along. I would recommend LT and would use them again if need be.”
Landlords will be delighted to hear that more people are looking to rent for longer, presenting them with more great opportunities for consistent returns.”
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