Happy Tenants 1st Jul 2016
We know that tenant demand in the UK is far outstripping supply, and this demand is on the increase. It is therefore reassuring to read the latest research from Paragon Mortgages which reveals that within the Private Rented Sector (PRS) there is a high degree of tenant satisfaction.
79% of tenants said that they are satisfied with their current landlord. 85% of tenants consider their rental property to be their home. 69% believe that their rent represents ‘good` or ‘very good` value for money.
The average length of time a tenant remains in their property is 7 years, with the average time spent in the PRS being 13 years.
A huge 89% of landlords acknowledged that the PRS has a role to play in housing those priced out of home ownership, while 79% agreed that it has a role in accommodating those excluded from social housing due to lack of supply.
Robert Young, author of the Scottish Property Blog series says: “This is useful data, giving us an insight into how landlords and tenants perceive the Private Rented Sector. I am delighted to see that tenant satisfaction is at such high levels and this goes to prove that standards have been driven up. Landlords have faced negative press for a long time now and this research shows that many are indeed working hard to provide good quality homes for their tenants.”
For many people the future is rental. And as such there is a huge demand for good, quality housing stock. Overall, landlords seem to be stepping up their game – many seeing the sense in employing a reputable letting agent to look after their investment and provide tenants with a professional, reactive service.
The Key Place has been managing properties across Edinburgh & the Lothian’s, Central Scotland and West Lothian, and the Scottish Borders for over 20 years and provides a first class service to both landlords and tenants. If you would like any information on any of our services then please get in touch.