Long term lets no longer a trend says landlord insurance specialist

Updated data* from landlord insurance specialist Cover4LetProperty reveals that the amount of private tenants who tend to stay for five years or more in the same property has decreased.

The ninth in the series of surveys (carried out bi-annually from March 2013 to date) asked how many rented properties the respondent has lived in during the past five years:

• 48% of renters have lived in 2 or 3 rented properties in the last 5 years (up from 35% six months ago);
• 47% of renters have stayed for 5 or more years in the same property (down 12% from six months ago);
• just 5% have lived in 4 or more properties in the last 5 years;
• 26% plan to buy their own home within the next six months (up 11% in the last six months) and 35% hope to buy in a few years’ time;

When asked what made them leave a rented property:

• nearly a quarter (23%) said the rent rose too much;
• over 1 in ten (12%) had experienced difficulties with their landlord.

Richard Burgess, Director at Cover4LetProperty, says: “One thing many landlords like is the long term let which provides ease of management and a predictable cashflow. Our latest study shows however, that this is becoming increasingly more difficult with both financial pressures on the tenant meaning they need to move to reduce their rental costs, and landlords needing to increase their rents in order to still make a profit.”

Ends

*Independent study carried out for Cover4LetProperty by Usurv bi-annually from March 2013 to March 2017.

Contact:

Richard Burgess, MCIM, ACIEH, Cert CII, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: richardb@alanblunden.co.uk