New research suggests an overwhelming number of renters want longer tenancies, a trend pushed further by the uncertainties of the pandemic.
A survey of over 1,100 tenants commissioned by Ascend Properties found that 93 per cent of those asked think that tenancies longer than 12 months should be more widely available within the UK rental market.
Some 81 per cent also stated that the pandemic and the turbulent rental landscape that emerged, as a result, have made them more likely to rent a property for longer than 12 months.
The driving factor behind tenant demand for longer-term tenancy agreements is the security they provide, with many having no choice but to move on at the end of the year should their landlord choose not to renew.
However, wider lifestyle choices also ranked high, with the opportunity to make a rental home feel more like their actual home placing as the second most influential reason.
The ability to better plan for the future also provides great appeal, with the ability to lay a stronger foundation within their personal life also ranking high.
Other appealing factors included a greater sense of being part of the community and a more stable foundation for their professional life.
Ascend managing director Ged McPartlin says: “The ability to rent the same home for a far longer period of time is an integral part of this lifestyle shift and it’s clear that it not only offers a greater sense of security, but also the opportunity to lay strong roots within a particular area without having to opt for the route of homeownership.”
The survey was of 1,186 tenants conducted on July 21.
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