As the amount of UK renters continues to rise tenants are now actively making lifestyle choices
Buy to let insurance firm Homelet have revealed new research that shows private renting tenants are having to make lifestyle changes due to increasing rents within the sector.
The research shows that :
- PRS tenants paid an average 2.3% extra in rent payments
- The average buy to let rent in February stood at £818
- Year-on-year rents across the country were up 5.1%
- Greater London had the largest monthly rent increase, with #btl rents rising 4.5% to an average £1,319 a month
“The English Housing Survey reveals how the number of people living within the private rented sector has almost doubled since the early 2000s. The report also shows how nearly half (44%) of private renters expect it will be five years before they’re able to buy a home – compared with only a quarter (23%) who anticipate they’ll buy their own home within two years,” the report said.
“There’s certainly been a shift in the demographic, expectations and lifestyle of tenants within the private rented sector, and the trend of ‘generation rent’ looks set to grow for the imminent future.
“Our new data reinforces this, showing how the average age of a tenant has increased consecutively for the past two years to 34 years old. We can see a wider variety of people, such as families and professionals, are deciding to become a tenant, rather than buy – and prefer the flexibility offered from living in a rented home.”
Another reason why accurate tenant referencing and landlord communication is the way forward for all good landlords, letting agents and tenants right across the UK.
It is a clear fact that those who join LRS are sending out a strong message together to anti-social tenants that by cleaning up their local areas this sort of behaviour will simply not be tolerated anymore.
How long have landlords been referencing for? 50 years? 100 years? WHO KNOWS. What we do know is that every single one has either taken a bad tenant on or knows someone that has had a bad tenant. Those that have yet to experience a bad tenant has nothing to do with using accurate tenant referencing but simply because they have been extremely lucky. As the LRS saying goes “Being a landlord is like playing Russian Roulette ; if you haven’t had a bad tenant then the bullet is still in the chamber.”
Via Lifestyle Network Referencing LRS wants to remove all of the bullets from all of the chambers – but this can only be done by communicating properly with each other through the concept of “Real-Time” tenant referencing.