An overwhelming majority of tenants want long-term tenancies, reports build to rent specialists Ascend Properties.
In their survey of over one thousand UK tenants, 93% of those asked think that tenancies longer than 12 months should be more widely available within the UK rental market.
81% also stated that the pandemic and the turbulent rental landscape it caused have made them more likely to rent a property for longer than 12 months.
The security provided by longer-term tenancies is what most appeals to renters. Wider lifestyle choices also ranked high, with many wanting the opportunity to make a rental home feel more like their home.
Ged McPartlin, Managing Director of Ascend Properties, comments: “It’s clear to see why the build to rent sector is growing so rapidly as it clearly appeals to the needs of the modern-day tenant far more so than a traditional rental property.
“The ability to rent the same home for a far longer period of time is an integral part of this lifestyle shift and it’s clear that it not only offers a greater sense of security, but also the opportunity to lay strong roots within a particular area without having to opt for the route of homeownership.
“Whether the Government will do more to offer long-term tenancies across the board remains to be seen, but certainly for the time being, the build to rent sector continues to pick up the slack and provide the rental accommodation that residents want, rather than having little other choice but to inhabit.”
Results of Ascend Properties’ survey
| Do you think tenancies longer than 12 months should be more widely available when renting? | |
| Answer | Respondents |
| Yes | 93% |
| No | 7% |
| What appeals to you about a longer-term tenancy agreement? (Tick all that apply) | |
| Answer | Respondents |
| A greater level of security | 32% |
| More opportunity to make a rental property feel like a home | 22% |
| A better ability to plan for the future | 18% |
| A better foundation for personal life | 13% |
| A greater sense of being part of a community | 9% |
| A better foundation for professional life | 6% |
| Has the pandemic made you more or less likely to rent a property for longer than 12 months? | |
| Answer | Respondents |
| Much more likely | 63% |
| Somewhat more likely | 18% |
| Much less likely | 14% |
| Somewhat less likely | 5% |