Average UK tenancy now lasts two years, new data shows
More people in the UK now see rented property as their home, which means an increasing number staying in their PRS houses for far longer than they would have in the past.
According to data released by Your Move, the average tenant now lives in a single rented property for as long as two years. This is a marked increase from recent years, when tenancies generally lasted for around a year, and shows that people are more comfortable with the prospect of spending a long time in one home than they may have been in the past.
Your Move said the longest tenancies are found in the commuter belt, with those who travel into London for work living in one rented property for as long as 44 months on average. This is compared to the shortest average tenancies, found in the south-west, lasting just 15 months.
Even in London, the average tenancy length is on the increase. Those who live in the capital in rented homes will stay for an average of 20 months, which represents a rise of 18 per cent in the last three years alone.
In Wales, it was also confirmed that the average length of tenancy is now two years, with some areas hitting 30 months, while in Scotland, tenants tend to hang around a little less, with an average for the nation of just 18 months.
Richard Waind, director at Your Move, said: "Not long ago we saw a rise in short term lets with many landlords viewing them as the most lucrative option and tenants preferring the flexibility they provided.”
"However, we’re now seeing a shift towards longer term rentals and the security that they can provide both landlords and tenants. Our research has shown that tenants want to feel settled and if landlords can provide a suitable living space and service, tenancy lengths may increase across the UK," he added.