LSL Corporate Client Department (LSL CCD) – part of LSL Property Services plc and sister company of high street estate agency brand, Your Move – has revealed that 22% of tenants are ‘Struggling Savers’ now reconciled to renting long term with nearly three quarters of tenants happy about it.
The results follow the publication of the 2017 LSL CCD Tenant Survey which reports on the findings and responses from more than 3,200 tenants based across the UK. The survey provides insight into what is important to tenants when renting a property and how their personal circumstances can often determine their current or future rental needs.
The survey revealed that there are now four key life stage groups which tenants can be linked to –Younger Independents, Moving Up, Reconciled with Renting and Struggling Savers, which has emerged this year as the largest proportion of the tenant market.
According to the survey, two thirds of Struggling Savers – who generally sit in the 26-35 age group – are happy renting despite having a strong desire to own their own home.
Key findings from the survey also reveal that there has been a growth in the longer term Private Rented Sector (PRS) market – with significantly more tenants renting for 6 years or more (33% compared to 29% in 2016).
Also interesting was the high percentage (74%) of tenants who would be prepared to consider new ways of communal living to support savings and reduce costs. Inspired Homes currently has two ‘community living’ developments for sale, Impact House in Croydon and Fabrick in Greater Manchester, which offer residents communal facilities including a rooftop terrace and Wi-Fi Ready club lounge. At our Green Dragon House development in Croydon, now fully sold, we also offered residents modern conveniences such as drop-off and collect dry cleaning and laundry and Brompton Bike Hire.
Commenting on the survey, David Bond, Director and Head of LSL PRS, said: “We are delighted to have been able, once again, to conduct such a comprehensive survey and to find out more about how tenants view their current and future rental situation and how, in response, we might work with PRS investors in meeting their particular needs and aspirations.
It’s imperative that, as demand for rental property continues, the market as a whole responds effectively to this and with such in depth data we now have available to us we’ll be able to inform, educate and advise others about the best way of providing this to meet the varied, and sometimes complex, needs of UK tenants today.”
Call the sales team on 020 8688 6552 to enquire about our developments and click HERE to view the full 2017 LSL CCD Tenant Survey.