Competition for new rentals, high rents and tenants acquiring a ‘lockdown pet’ are keeping renters in their properties for a third longer compared with four years ago, latest research from The Deposit Protection Service (DPS) reveals.
The DPS, the UK’s largest protector of deposits, says that the average tenancy now lasts 924 days, or just over two and a half years compared with 706 days or just under two years during 2020.
The organisation said the increase of 218 days amounted to a rise of just over 30% (30.87%) during the period.
PANDEMIC
Matt Trevett, The DPSMatt Trevett, Managing Director at The DPS, says: “Average tenancy lengths started increasing during the pandemic as a result of government restrictions on moving and, despite the lifting of all restrictions in February 2022, average tenancy lengths have continued to rise.
“Responses to our regular tenant surveys suggest that the combination of competition for new rentals, high rents and other financial issues, as well as tenants acquiring a ‘lockdown pet’ are contributing to renters typically staying for longer in a property.”
But he adds: “Longer tenancies can also increase the likelihood of wear and tear and maintenance issues associated with a rental property; we’d therefore encourage landlords and tenants to keep an open dialogue throughout to ensure concerns are dealt with in good time as well as help avoid any dispute over return of a deposit at the end of a tenancy due to the property’s condition.”
RELOCATING RENTERS
The DPS data also reveals that the percentage of relocating renters who found it difficult’ or ‘very difficult’ to move increased by 6% (from 39% to 45%) between March and September 2023.
Meanwhile the number of renters who stated they were not planning to move increased by 2%, from 48% to 50%, during the same period.
The number of renters who said they’d taken on an additional job to secure their rental property increased by 3%, from 27% to 30%, between March and September 2023.
