Renting a home IS a choice: Over 15% of private tenants choose to rent

Research from landlord insurance specialist Cover4LetProperty reveals that 16% of private tenants choose to rent – dispelling the myth that everyone wants to be a homeowner.

The study asked tenants in the private rental sector their reasons for living in a rented property, and while 84% said that they cannot afford to buy their own home, 16% said they choose to rent because they:

• like living somewhere without the worry and costs of having to maintain the property (5%);
• enjoy the freedom that renting gives them, financially and physically (7%);
• don’t want to be tied down with a mortgage (4%).

The survey also found:

• 24% of those aged 45-54 choose to rent versus just 3% of respondents in the 25-34 age bracket;
• both of the above age groups cited “ financial freedom” as the main reason for renting;
• 12% in the 55-64 age bracket said they didn’t want “to be tied down with a mortgage”;
• 11% of renters in the £10,000-£20,000 income bracket cited the lack of maintenance costs as their reason for renting.

Finally, of the renters who said they cannot afford to buy their own home, 88% earn £40,000 or more.

Ends

*Independent study carried out for Cover4LetProperty by Usurv 21.03.18