Updating post from Reddit.
Any surprises in this?
Which makes it quite interesting.
Factor in the time cost of finding a place, moving and all the admim of such.
Also the moving costs, deposit disputes, mail redirect costs, fees to changing or ending contracts, updating personal details with services and companies and updating documents etc etc
Then there's the social and other costs. Possible changes required for GP and dental (and impact to treatments), change of schools for kids and social costs, impact of social participation in the area and all sorts of other things.
Outside of the monthly costs, renting can be financially and mentally draining. So something to bare in mind.
If they're moving job as well it makes sense why employers won't train up
Came here to say this. It can feel really disheartening as a renter to know you will have to keep moving even if you don’t want to, for the rest of your life. The lack of stability can really affect you mentally.
For most it’s impossible to save for a deposit in amongst everything else you have listed, so there isn’t even a light at the end of the tunnel.
I ask my tenants how long they want to stay and let them know the flat is here until I retire in 30 years. They had 2 kids, so was nice for them to pick schools etc. 10 years later and they are still in. As long as I keep rent below other rentals around the area, they have no reason to leave
In my experience the average PRS tenancy is 18–24 months. What’s the source - my guess is that this is or includes social housing.
plus you’ve got a fair number of student tenancies which are generally a year and would drag the average down
My previous tenancy was 17 years, probably dragged the Anglia average up!
My issue as a renter, my landlord increases the rent £50 a year every year despite no increase in costs, as explained by letting agent just because they can. (No mortgage, owned outright as original developers)
Due to this after about 4-5 years I’m paying £250 more than what I started, although rents in my area haven’t gone up that much. (South West extremely rural) Due to this it makes sense to move again, reset my prices or hope to find a landlord who doesn’t increase just for the sake of it.
NI more than double the length of tenancy of any other market than Wales is pretty noteworthy. Combined with low housing costs compared to the rest of the UK it's surprising it's not got more institutional investment in the rental market.
House prices there are skyrocketing. A lot of incomers nowadays.
Interesting that I was so under the norm in the North West when I rented (every 2 years except when covid made it 3). The rising rent prices are what got me every time. Would be interesting to see the standard deviation and other breakdowns.
Edit: Love that my flair is tenant when I no longer rent as a tenant. 😂