Staying put in a long term let is a trend says landlord insurance specialist

Updated data* from landlord insurance specialist Cover4LetPropertyreveals that the number of private tenants who tend to stay for five years or more in the same property has increased.

The tenth in the series of surveys (carried out bi-annually from March 2013 to date) asked how many rented properties the respondent has lived in during the past five years:

  • 55% of renters have stayed for 5 or more years in the same property (up 8% from six months ago);
  • 42% of renters have lived in 2 or 3 rented properties in the last 5 years (down 6% from six months ago);
  • 18% plan to buy their own home within the next six months (down 8% in the last six months) and 40% hope to buy in a few years’ time;
  • just 3% have lived in 4 or more properties in the last 5 years (down 2% in the last six months).

When asked what made them leave a rented property:

  • over a quarter (29%) said the rent rose too much;
  • nearly 1 in ten (9%) had experienced difficulties with their landlord;
  • 5% said they bought their own home.