Why do Tenants Rent? 87% of Tenants Not Looking to Buy a Home
A tenant survey conducted by leading online letting agent Upad has revealed that almost 9 out of 10 tenants are not currently looking to buy a home.
87% of survey respondents told Upad they were not interested in buying a property at present, with 13% insisting they have no desire to ever own their own home.
Upad’s research also highlighted the increasing number of long-term tenants, with 40% of tenants now having rented for over four years, while it was also found that over 1 in 5 tenants have owned a property previously.
In addition to this data, Upad also looked to discover the reasons why people rent, learning that:
24% of tenants say they couldn’t afford a mortgage even if they wanted to buy a home.
26% of tenants rent because it fits their work or education situation.
13% of tenants rent due to personal circumstances, such as a relationship breakup.
11% of tenants are renting to get to know the area before potentially buying.
Commenting on these findings, Upad founder and portfolio landlord James Davis said, “The number of long-term tenants alongside those who have no desire to ever own a home further highlights the importance of landlords in the housing sector, and how they will remain so for many years to come.
What’s also interesting is we’re now seeing over 1 in 5 tenants who were previously homeowners deciding that renting is now better for them for a variety of reasons.
Given the proposed letting fees ban has progressed to the debate stage in Westminster it will be intriguing to see if the Government ever wakes up to the obvious importance of landlords in the marketplace.”