A growing number of renters in the capital are looking for longer-term tenancies as home ownership becomes increasingly out of reach for many Londoners, new research shows.
Some 59% of tenants surveyed, as part of the Kinleigh Folkard & Hayward (KFH) Annual Tenant Barometer, said that they are expecting to rent for longer, mainly because they find the prospect of purchasing property in London even more out of reach.
The study found that tenants now expect to be renting for five years, which is a 25% increase from a year ago.
But while length of tenancy is growing increasingly more important, the research found that rental price was still the top priority year-on-year, with couples prepared to rent in the area they want to live rather than buying somewhere that is not on their wish list.
Overall, the top five priorities when choosing a property to rent were rental price, area of London, property size, proximity to transport links, and tenancy length, respectively.
But bills being included in the rent and the property being fully furnished are also key factors for younger renters aged between 18 and 34.
Carol Pawsey, group letting director at KFH, said: “The strength of the private rental sector has been well documented and debated, and there is no doubt that the demand for rented accommodation is set to continue.
“In fact, in the first 10 weeks of 2019, our online tenant enquiries were up by 57% on 2018 and tenant registrations across our 46 lettings offices were up by over 25%.
“It is a good time to be a landlord in London, albeit, with changes to legislation, it pays to be partnering with those who can guide you through.”