In one of the most extensive studies of the private rented sector ever carried out, estate agent Knight Frank’s Tenant Survey looks at the views of more than 5,000 people who currently rent residential property in the UK. These are some of the main findings from the survey:
- 52% of people prefer to rent somewhere close to their place of work or study
- 50% would be prepared to travel up to 45 minutes to get to their place of work
- 47% said they would want to rent somewhere with good transport links (in London this was 71%)
- 25% said they were unsure whether they would buy a home in the future
- 8% said they did not plan to buy a home for 10 years or more
- 25% of respondents said they were living alone
- Just over 33% of respondents were couples without children
The survey revealed that the ideal length of tenure is 12 months or more and that renting is no longer considered an interim solution. There has been a definite shift to the rental sector which, to a certain extent, has been driven by affordability, but it has also become a lifestyle choice for younger generations who like the flexibility that renting gives. Over 60% of respondents aged 18 to 34 said they would ideally rent a property for 12 months or longer.
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