Glynis Frew, a Director at Hunters reports good news for both potential tenants and landlords.
“In January the average cost of renting a home decreased by 1.7% to &800 per month. However, despite this monthly drop, rental amounts are still an average of 2.4% higher than the same time last year.
We can also report that the average age of a tenant increased during the past 12 months by 1.8% to 33.9 years and the length of time tenants are living in their rented homes is extending. This month’s data shows that they lived in their previous rented home for an average of 21.4 months - 5.6% longer than those in January 2013.
The combination of increases in age and previous tenancy length of new tenants shows how renting is a preferred choice for many families and professionals.
In short, more people than ever are renting a home in the UK. A National Landlords Association survey of 1,111 members shows that 31 per cent expect the market to be good, possibly very good, during the rest of 2014 with 27% buying an additional investment property.”
If you have a property to let or are thinking of moving to a new rented home, click here to find a lettings expert at your nearest Hunters branch.