Figures released by the Association of Residential Letting Agents, (ARLA), have shown that the average length of a UK tenancy in the private rented sector (PRS) is around 19 months.
The vast number of people now renting in England has increased by a dramatic 56% since 2004, which now accounts for over 20% of all households.
Tenant occupation length has increased 21% since records began in 2004.
With a limited supply of new property and rents now tipping the scales of the previous market peak of 2008, tenants who are coming towards the end of their term are finding fewer options available than they previously had.
A stark contrast to the preceding three years when low rents gave hard negotiating tenants the luxury of either staying where they were for less money, or upgrading to bigger and better properties with either no or minimal rent increases.
The UK private rented sector (PRS) is stronger than ever. Residential rental values have resulted in attractive inflation beating yields, and the supply and demand scales are now firmly tipped back in favour of the Landlord.
Legal 4 Landlords spokesman Sim Sekhon noted “It has become more sociably acceptable that people choose to rent property instead of purchasing it. In Germany, and other parts of Europe, renting is the norm. The UK as a nation is getting in line with our European counterparts”.
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