A new investigation from Paragon Mortgages has indicated that tenant satisfaction levels remain high in the Private Rental Sector.
In addition, the survey shows that demographics of the sector are changing. 29% of people making a home in the private rented sector are couples, with 21% being couples with children.
Settled
The majority of tenants asked seem to be settled in the Private Rented Sector, with 87% of those asked stating they felt at home. Additionally, the report shows that the average time spent living in the sector presently stands at 12 years.
Improving standards are the key factor driving the popularity of the sector, alongside a shortage of housing stock. 81% of respondents said they were satisfied with their landlord, with 66% of renters considering their rented property to be good or very good value for money.
Majority of tenants satisfied with PRS
Attractive
John Heron, Director of Mortgages at Paragon, said, ‘the message coming through in this survey is that, for many people, the Private Rented Sector is an increasingly attractive option over the long-term. This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector-making it a more attractive proposition for both individuals and families.’[1]
‘This data underscores the value of the PRS to the UK’s housing market. The UK’s Private Rented Sector still has some way to go before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in the sector,’ he added.[1]
[1] http://www.propertyreporter.co.uk/landlords/private-rental-sector-fuelled-by-satisfied-tenants.html