8th
Dec 2023
Tenants most important three factors that create an agreeable tenancy are location, not being stuck in a property for ‘life’, and good and direct contact relationship with their landlord, according to a specialist lending bank’s research.
The bank’s ‘The Future Tenant Standard ‘report found that many tenants are being hit by, rising rents, housing stock shortage and poor relationships with agents and landlords.
However 76 per cent of the 2,500 respondents to the survey made up of past, present and future tenants reported their current tenancy is good, 54 per cent live in a locality that best suits them and 74 per cent feel safe because of the property’s security measures.
Virtually three quarters – 73 per cent – of tenants stated they are finding it difficult because of the shortage of available housing with over a third reporting they had found it hard to find their current ‘residence’.
The report also highlights that although tenants appreciate being able to move on when they wish to, just 26 per cent choose to rent whilst the majority hope to buy their own home. However although home ownership is on the wish list for the majority of tenants 71 per cent say they are extremely wary by how much they will need to borrow to buy and their own home.
A spokesman for the lender, 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 underlines the importance of a healthy tenant/landlord direct relationship. Less than a half of renters have direct contact with their landlord as 82 per cent say they are looked after and 72 per cent state their landlord is trustworthy.
But the survey’s results shows 59 per cent of tenants have faced unreasonable financial demands or discrimination from their landlords and some 20 per cent said the poor state of their property had affected their health.
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