Renting is now Long Term - whether tenants want it or...

Renting is becoming increasingly long-term, a new survey suggests.

Monta Capital asked 1,586 UK renters about their experiences.

Some 24% have been renting for 6-10 years; 22% have been renting for 10-15 years; 13% have been renting for up to 20 years; and 20% have been renting for more than 20 years.

While renters are renting for long periods, few do so through choice: 85% say they are renting through necessity, with just 15% saying that renting is a choice.

Tenant frustrations revealed by the survey include the overall cost of renting which 33% of tenants cite as their biggest concern; 35% were unhappy with the uncertainty behind renting; and 41% wanted longer tenancies.

When renters are asked if they have any plans to one day buy their own home, 43% say no. And by far the most common reason why they have no plans to buy a home is because they can’t see themselves ever being able to afford it (70%).

Of the 57% who say they do have ownership aspirations, 19% say it will be up to 10 years before they think about doing so, and even then only 59% believe they’ll actually be able to achieve home ownership within this timeframe.

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