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Renters are staying in properties for longer – DPS

  • 17/04/2024
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Renters are staying in properties for longer – DPS
Renters remain in their properties for longer than they did four years ago, analysis from a financial firm found.

Research from the Deposit Protection Service (DPS) revealed that the average tenancy was now 924 days, or just over two-and-a-half years, in 2024. 

This was longer than the 706 days – just under two years – that people stayed in a rental property on average in 2020. 

The rise of 218 days equated to a 30% increase in tenancy periods, the DPS said. 

Each year since 2020 has seen a steady rise in the length of time people stay in rental properties, as this increased to 783 days in 2021, 817 days in 2022 and 863 days in 2023. 

Matt Trevett, managing director at the DPS, said: “Average tenancy lengths started increasing during the pandemic as a result of government restrictions on moving and, despite the lifting of all restrictions in February 2022, average tenancy lengths have continued to rise.

“Responses to our regular tenant surveys suggest that the combination of competition for new rentals, high rents and other financial issues, as well as tenants acquiring a ‘lockdown pet’, are contributing to renters typically staying for longer in a property.”

He added: “Longer tenancies can also increase the likelihood of wear and tear and maintenance issues associated with a rental property.

“We’d therefore encourage landlords and tenants to keep an open dialogue throughout to ensure concerns are dealt with in good time, as well as help avoid any dispute over return of a deposit at the end of a tenancy due to the property’s condition.” 


Renters finding it hard to move 

The DPS research also found that the percentage of people finding it ‘difficult’ or ‘very difficult’ to move rose from 39% to 45% between March and September last year. 

There was a 2% increase in the share of people who said they were not planning to move, which rose from 48% to 50% over the same period. 

Some 30% of people had taken on extra employment to secure their rental property in September, up from 27% six months earlier. 

According to responses received by the DPS in September, 64% of renters had made financial sacrifices to meet their new rental arrangements, a 1% increase since March last year. 

The share of people who paid £501 or more in rent to secure a property rose from 8% in March last year to 13% by September. 

Earlier this month, it was reported that renters were set for a 13% price surge over the next three years.

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