Tenants value location, flexibility and direct landlord relationships according to new research from specialist lending bank OSB Group.
The Future Tenant Standard report highlights that many renters say they are feeling the squeeze of the housing stock shortage, rising rents, and negative interactions with landlords and letting agents.
Some 76 per cent of the 2,500 past, present and future renters surveyed say their current rental tenure suits them. Fifty four per cent live in their preferred area, and 74 per cent say they are satisfied with the level of security.
Nearly three quarters (73 per cent) of tenants feel they have been impacted by the lack of available housing and more than a third report difficulties finding their existing homes.
The research shows that while tenants cite the flexibility of renting as an advantage, only 26 per cent say they would prefer to be renting today with the majority hoping to own their own home. While the lure of homeownership is strong, 71 per cent say they are frightened by the size of borrowing required to afford a property.
Jon Hall, group managing director of mortgages and savings at OSB Group, says: “The private rented sector is housing the nation. With landlords and tenants across the country facing the challenges of navigating a higher cost of living, and higher interest rate environment, it’s important to look at what is working and what needs to change to help the sector thrive. This research reinforces our ongoing view that the journey to the professionalisation of the private landlord sector is key to helping them deliver the best experiences for the nation’s renters.”
The research highlighted that when tenants and landlords have a direct relationship, satisfaction levels are significantly higher. Just under half of tenants deal with their landlord directly, and of those, 82 per cent feel like they are treated fairly, and 72 per cent trust their landlord.
Independent landlord Suzanne Smith, a founding member of the OSB Group Landlord Leaders Community, agrees that forging strong relationships is fundamental: “The key is having a good relationship with tenants. We are providing their home.”
However, the research shows 59 per cent of tenants have experienced rule breaches like unreasonable financial demands or discrimination from their landlord and a fifth feel the poor quality of their property has impacted their health.
