Today I wanted to share an insight into tenants behaviour. I always think it is great information for landlords to know. We’ve discussed why tenants move, but how far do they go?
People choose to rent for a variety of ranges. Some can’t afford to buy. Some don’t want to buy. Some will rent to get their children into the catchment area for a better school. For others it is a job change. Currently we have people who have sold their home, looking to rent due to the current situation with pandemic and economic uncertainty.
Would it surprise you to know that most tenants don’t move that far? 26% actually move within 1 mile. 58% move within just 5 miles. Despite being a university city, only 1 in 20 of our tenants actually move back overseas – in London this was higher 10%!
Renting is more flexible than ownership, some households use it as an opportunity to get to know a new area. In fact, 31% of tenants moved more than 10 miles in 2020. That saying, number of tenants moving more than 10 miles reduced by 6% in 2020 compared to 2019, perhaps reflecting a preference to stay close to friends, families and established neighbours during the pandemic! We’ve always said community matters!
If you would like to discuss the rental market in more depth, please give us a call. At JDG we are always here to help and advise.
Thanks for reading
Josh