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.
*Independent study carried out for Cover4LetProperty by Usurv 21.03.18
With roots going back to 1946, our clients can benefit from many years’ experience in the landlord insurance marketplace. We are independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.
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