Updated data* from landlord insurance specialists Cover4LetProperty reveals that 14% of private tenants have moved in the last five years due to the condition of their rental property (a decrease of 5% since June 2016).
The survey wanted to find out the reasons why a private tenant typically moves from one rented property to another and to see whether the move is influenced by the landlord and / or the property, or by other circumstances.
The study showed that in the last 5 years, 49% of respondents have moved from one rented property to another because of the following reasons …
- 27% moved to a different area;
- a further 27% moved because of the cost;
- 11% had to move as their landlord had sold up (previously this had not been quoted as a reason for moving);
- 8% also said they wanted more space.
Other reasons included not being allowed to have a pet (5%); not getting on with their neighbours (5%); and 3% not getting on with their landlord (the latter down 3%).
Richard Burgess, director at the landlord insurance specialists says “Our survey this time highlighted two standout results for us.Firstly, that tenants moving due to bad property conditions has decreased, suggesting that let properties are being improved and invested in.And, for the first time, we see that tenants are moving because landlords are selling up.
“While this could be simply due to landlords realising profits in their property, it could also be that increased legislation and fees are making it much more difficult for landlords to make a sustainable profit.Only time will tell if this trend continues.”
*Independent study carried out for Cover4LetProperty by Usurv June 2016 and May 2017 of 100 people aged 25-65.
Richard Burgess, MCIM, ACIEH, Cert CII, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: email@example.com