McBains Cooper, leading property and construction consultant, has commissioned a survey, of more than 2,000 people, demonstrating that longer-term rentals are becoming more common.
The survey has been published at a time where there is a fresh focus on the private rented sector, with the Housing White Paper outlining measures intending to boost the sector.
With four in ten people who rent a home expecting to be renting a property for up to a decade, it exemplifies that the proportion of income spent on rental accommodation, with one in four people saying their rent accounted for more than 40% of their income.
Additionally, the survey also found that renters look for ‘traditional’ factors when choosing a rented home – such as affordability, room size and outdoor space rather than shared amenities such as sports facilities or communal spaces.
41% of respondents expect to be renting for the next 5-10 years and a quarter of respondents claimed that over forty per cent of their income was taken up by rent, with 11% stating that over half of their income is taken up by rent.
The survey demonstrated that the four most important factors when renting a home were affordability (71% of respondents); room size (41% of respondents) and a garden or outdoor amenity space (29% of respondents); and proximity to work and close to transport facilities (both jointly 28% of respondents).
McBains Cooper’s Chief Executive, Michael Thirkettle commented that the survey shows that renting for the longer term is becoming more common and the potential for PRS and build-to-rent is clear. A high proportion of the older generation are now long term renters, reflecting the more ‘traditional’ characteristics in terms of the most important factors people look for when choosing rented accommodation, he added.
It is evident that public attitudes to buying and renting over the last five years may have shifted significantly.