Lancaster Tenants are Staying for Longer

4.6 million households now live in privately rented homes in England, and they are increasingly staying in the same property for longer.

According to the English Housing Survey 2018/19, the average number of years private sector tenants stay in their home is currently 4.4 years, up from 3.7 years back in 2010/11.

Over half (56%) of renters plan to purchase a property in the future, however this proportion is the lowest in over a decade. More than a quarter (28%) of tenants have lived in the private rented sector for over a decade and four in ten don’t expect to buy within the next five years.

The main reasons people are choosing to rent for longer include affordability, flexibility and lifestyle choice. The government has introduced several pieces of legislation over recent years aimed at improving standards for tenants. More announcements are expected in the March 2020 Budget.

If you’re a landlord in Lancaster or Morecambe, at JDG we’ve put together a range of free e-guides to keep you up to date with key legislation and and processes. If you have any queries about renting or selling your home, don’t hesitate to get in touch with us.