Due to the climb in rental prices, tenants are choosing to remain in their current homes for extended periods, according to research from The Deposit Protection Service.
The typical rental agreement is now 924 days, which is just over two and a half years. This is a significant increase from 706 days, or nearly two years, as recorded in 2020.
Matt Trevett, the managing director at The DPS explained, “The duration of tenancies began to lengthen during the pandemic due to restrictions on moving. Even after all restrictions were lifted in February 2022, we see that tenants are continuing to rent for longer periods.
“Our tenant surveys indicate that various factors like competition for available rentals, the expense of high rents, other financial challenges, and tenants getting pets during the lockdown are all reasons why renters are now staying longer in their homes.
“With tenants staying put for longer, there’s a greater chance for more wear and tear and maintenance issues to arise in rental properties. Thus, we recommend that landlords and tenants communicate regularly to address any issues promptly. This helps prevent disputes over the return of deposits related to the property’s condition when the tenancy ends.”
In September, 64% of those moving indicated that they had to make financial sacrifices to afford their new rental situations.
