The Deposit Protection Service (DPS) has revealed that renters are typically staying in their properties for a third longer compared with four years ago.
The protector of deposits has confirmed that the average tenancy now lasts 924 days, or just over two and a half years compared with 706 days or just under two years during 2020.
The organisation said the increase of 218 days amounted to a rise of just over 30% (30.87%) during the period.
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.
“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.”
The DPS’s research suggested that the percentage of relocating respondents who found it difficult’ or ‘very difficult’ to move increased by 6% (from 39% to 45%) between March and September 2023.
The data also revealed that the proportion of respondents who stated they were not planning to move increased by 2%, from 48% to 50%, during the same period.
The proportion of respondents who said they’d taken on an additional job to secure their rental property increased by 3%, from 27% to 30%, between March and September 2023, according to the research.
The data also showed that 64% of movers questioned during September had made financial sacrifices to meet their new rental arrangements, an increase of 1% (63%) since March 2023.
The proportion of respondents who had to pay £501 or more in rent to secure their rental increased by 5%, from 8% during March 2023 to 13% in September ‘23, the organisation added.
