The English Housing Survey Private Rented Sector Report, 2014 -15 that is produced by the Department for Communities and Local Government may be of interest to landlords here in the UK. We thought that we would mention some of the highlights contained in the document.
In the last 10 years, there has been a big increase in the number of people renting homes privately. For instance, in 2014-2015 it is believed that 4.3 million households rented privately with this equating to 19% of households rented privately. Back in 2004 to 2005 there were 11% of households renting privately so, as you can see, there has been a significant increase in people renting in this way.
There are more younger people under the age of 45 who rent privately with 70% of people renting being in that age bracket yet only 25% of people who own their property are less than 45 years of age.
It is also interesting that in the 10 years leading up to 2014-2015, the percentage of people renting privately that were aged between 25 to 54 went up from 56% back in 1994 to 1995 to 72% in 2014 to 2015. Yet, the percentage of people renting privately aged 55+ and those aged 16 to 24 actually dropped between those periods.
If you look at how long someone renting privately lives in the property, the research found that 76% of such people in 2014 to 2015 spent less than 5 years in their property whereas 20% of people that owned their own home spent less than that period in their property. On average, someone renting privately resides at the same property for 4 years whereas someone that owns a property lives in the same property for an average of 17.5 years. Perhaps this just goes to show that people renting are more likely to move around.
Single people renting privately made up 27% of the sector in 2014 to 2015, 23% were couples that had children and single parents with dependent children accounted for 13%.
The percentage of people that are happy with their privately rented accommodation has gone up quite a bit in 10 years. In 2004 to 2005, 48% of people were satisfied whereas in 2014 to 2015 this had risen to 65%.
If you are a landlord you may wish to consider reading the full report.