4.6 million households now live in the private rented sector, and their property is increasingly home for longer.
Data from the recently-released English Housing Survey indicates the average number of years a private sector tenant has been in their current home is 4.4 years, up from 3.7 years back in 2010/11.
Over half (56%) of renters plan to purchase a property in the future, however this proportion is the lowest in over a decade. More than a quarter (28%) of tenants have lived in the private rented sector for over a decade and four in ten don’t expect to buy within the next five years.
Affordability, flexibility and a lifestyle choice are just some reasons why people choose to rent. A raft of government legislation over recent years has focused on improving standards for tenants in the sector, with more announcements expected in the March 2020 Budget.