Our latest tenant research reveals the majority of people renting homes would be happy to sign tenancy agreements of up to 12 months, and most expect to live in the property for between one and two years.
We asked 150 Morgans tenants who have recently started renting city apartments, how long they would initially feel comfortable committing to renting the property for. A total of 63% said six to 12 months would be ideal, with just 25% saying the industry’s standard six-month tenancy agreement best suited them. In addition, 11% said they would like to sign up for between one and two years, with 1% saying more than two years would be their favoured option.
A total of 35% said if their circumstances stay the same, they think they will continue to live in the property for between one and two years. This was closely followed by 33% who said they expect to live there for six to 12 months and 15% who thought they would be there for between two and three years. A further 8% envisaged living there more than three years and only 7% said they would stay for less than six months.
The research also showed that 63% of city apartments are occupied by two people and approximately two thirds of these are couples, with the remainder mostly comprising of housemates sharing a home. Just under a third of residents surveyed live on their own.
Our occupancy levels stand at more than 99% and the rentals market is extremely fierce at the moment. It’s therefore no surprise that when people find their perfect property, they are keen to live there for at least a year or two.
The number of people renting a home has increased significantly in the last decade, as the market has recovered from a significant crash in 2007/8 when values plummeted in many areas. The process of market recovery has been slow and steady in the face of significant challenges around the economy and the EU in particular, and it remains to be seen how the market adjusts longer term in relation to the proportion of the population who choose to rent and a wider attitude to ownership. It may be that whilst we still ultimately wish to own our home, we accept that this might happen later in life than it would have in generations past.