Home is where the heart is for tenants, with 78% of renters saying the property they let feels like home. Yet despite seeming rental satisfaction, the Private Rented Sector (PRS) is often spoken about in a negative vein - but why?
In my mind it’s largely because, despite putting a roof over the head of nearly five million people, we still see homeownership as the ultimate aspiration in this country. In fact, just five per cent of tenants we recently polled said they aspire to be Forever Renters despite the vast majority saying they are happy with their situation today.
So, if renters are chasing home ownership rainbows, how do they really feel about their tenant tenure? Well, our polling found that for one in five (21 per cent), their rented property is better than buying. Location was their key rental selling point, with those polled saying that renting enabled them to live in areas they couldn’t afford or access. For those who were dealing directly with their landlords, 76% felt they genuinely cared about the service they were providing.
So, if location and service are positives, where is the PRS falling down?
Well, it seems that where relationships are intermediated - for example where an agent manages a property and is the sole communicator with a tenant, that tenant is less likely to feel the landlord’s care - which stands to reason. There are also many instances where tenants are frustrated about property availability or price increases, both driven by the housing supply issues that are well-known in the sector. While the Chancellor sought to address these in the Spring Budget in part by tackling holiday lets, the industry consensus is that much more needs to be done to address supply for a long-term and sustainable PRS to thrive.
This means the answers become about more - more properties (in the right places), more communication (between landlords and tenants) - but also more long-term thinking, more tenant-centric models, more education and more collaboration.
As stakeholders in the PRS, it's crucial that we recognise the pivotal role this sector plays in accommodating millions of tenants across the UK. During recent discussions within our Landlord Leaders Community, three key areas emerged as focal points for industry action - the growing emphasis on future planning and investment for growth from landlords; greater tenant engagement to fostering a more positive landlord-tenant relationship; and collaboration and education by industry stakeholders.
We aspire for every landlord and tenant to have a positive experience of the Private Rented Sector. For tenants to be proud of their properties and for landlords to be recognised for the value they bring - to the community, the economy and to individuals’ lives. For the sector to thrive and ultimately be recognised for the vital role that it plays in all of our lives.
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