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Landlords identify reluctant tenant

Tuesday, January 26, 2010

Source: Catherine Deshayes

The UK's private rental sector is now experiencing the "reluctant tenant", as research among landlords reveals that 54% believe more consumers are being forced to rent rather than buy...

According to the Association of Residential Letting Agents (ARLA), new tenants include homeowners who sold up last year and are struggling to find the right property and a competitive mortgage.

The Association's operations manager, Ian Potter, is hopeful that the shift will allow more people to experience the benefits of living in rental accommodation.

He is convinced that a strong private rented sector will be "fundamental" in meeting the accommodation needs of the future.

Commenting on the research, the National Landlords' Association's communications officer, Simon Gordon, says: "Gone is the view that renting is the only option for those who can't afford to get on the property ladder."

He continues: "Nowadays there are property savvy renters who prefer not having to worry about home repairs or concerns about making ends meet with potentially volatile interest rates."

Research from ARLA also reveals that during the final three months of 2009 an average 41% of members surveyed reported more tenants than properties, compared with just 24% in the previous quarter.

In addition, the period for which properties were unoccupied fell again, with the average void period for the UK down from four weeks to 3.9 weeks at the end of 2009.

Source: www.homemove.co.uk