Four in 10 people who rent a home expect to be renting a property for up to a decade in a move which property consultant McBains Cooper expects to boost growth of the build-to-rent market.
The survey, commissioned by the consultants, also shows the proportion of income spent on rental accommodation, with one in four people saying their rent accounted for more than 40% of their income.
These insights from more than 2,000 people who rent a home come at a time where there is a fresh focus on the private rented sector (PRS), with the Housing White Paper outlining measures intending to boost the sector.
Michael Thirkettle, chief executive of McBains Cooper, said: “Our survey shows that renting for the longer term is becoming more common. For some it might be because they are priced out of the housing market, for others, it may also reflect a more Continental attitude where people are content to rent rather than buy. Either way, the potential for PRS and build-to-rent is clear.
“The findings will be of particular interest to investors and developers in the PRS and build-to-rent sector. Interestingly, a high proportion of the older generation are now long-term renters. This might reflect the more ‘traditional’ characteristics in terms of the most important factors people look for when choosing rented accommodation – such as room size and a garden or outdoor space, as opposed to amenities like sports facilities or a cinema and internal communal spaces.”
Other findings included:
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