New research amongst the nation’s private renters from Aldermore1 has revealed that 5.2 million private renters2 (69%) feel they have a ‘good landlord’. This statistic may surprise some, considering the common misconception that landlords and their tenants are destined to have a tense relationship.
A competitive market
A quarter (26%) of private renters have been in their current rental property for one year or less. Amongst this group three quarters (74%) found it difficult to find a suitable property in their most recent search.
Three out of four (74%) private renters felt like they were competing with more people, and as a result seven in 10 renters (72%) said it took them longer to find a suitable new home. This has also led to an increase in costs, with a clear majority of private renters paying more than they initially intended (68%).
Elsewhere, three quarters (77%) of UK renters do not feel the Government is currently doing enough to help them. People aged 18-34 are more likely to agree with this than over 55s (80% vs 71%).
Renters looks for certain landlord qualities
For those renters who enjoy a positive and respectful relationship with their landlord, they prize ease of contact (70%), making renting a straightforward and easy process e.g. minimal paperwork (41%), and freedom to make cosmetic changes to the property (41%).
Jon Cooper, head of mortgages at Aldermore, comments:
“The relationship between landlords and renters is often presented as inherently challenging and dysfunctional, but as our research shows, this simply isn’t the case. Most private renters actually have a positive relationship with their landlord. I expect that this will surprise quite a few people. What it demonstrates is the abundance of good landlords in the market who are ethical, knowledgeable and trustworthy when dealing with their tenants.
“That being said, it’s also clear that a majority of renters are struggling to find the right home due to intense demand for properties. There’s no overnight solution to fix this sadly. At Aldermore, we encourage lenders, landlords and governmental bodies to work more intelligently together so we can turn the tide and provide greater support to struggling renters. This support is vital in order to keep our private rental sector, which is fundamental to the addressing the UK’s housing demand, alive and well.”
ENDS
Notes to editors
1Research conducted, on behalf of Aldermore bank, by Opinium between 6 – 15 November 2023, with 2,000 UK Private Renters
2On a nat rep survey of 2000 UK adults, 1385 are private renters with positive past experiences when dealing with their landlord. 1385 / 2000 * 7,552,724.968 (UK private renters, 18+) = 5,230,262 (shorthand 5.2 million)
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