An agent has reported a boom in tenant enquiries but renters aren’t happy about it.
An annual poll of tenants in London by Kinleigh Folkard & Hayward (KFH), found respondents were expecting to be renting for five years.
However, just 18% were happy about the prospect of living in a rental property over the long term, down from 25% in last year’s survey.
The cost of property in the capital was the main factor that left people renting for longer, with 60% saying they could not yet afford to get on the property ladder.
Some respondents did say longer tenancies were beneficial, particularly for families as it meant less upheaval for children.
Tenants were also asked what their key considerations were when renting, with 80% citing the rental price as a key consideration, up from 77% last year.
The part of London (71%), property size (58%) and proximity to transport links (53%) also increased in priority compared to last year (from 65%, 51% and 47% respectively).
A fifth saw length of tenancy as a key consideration.
This was in contrast to other factors which tenants have deemed less important compared with last year.
Access to high speed internet was only seen as a priority by 10%, down from 12% last year, while having access to inclusive communal amenities such as gyms, dining areas and screening rooms were only seen as important by 4%, down from 5%.
Carol Pawsey, group lettings director for KFH, said: “The strength of the private rental sector has been well documented and debated, and there is no doubt that the demand for rented accommodation is set to continue.
“In fact, in the first 10 weeks of 2019, our online tenant enquiries were up by 57% on 2018 and tenant registrations across our 46 lettings offices were up by over 25%.
“It is a good time to be a landlord in London, albeit, with changes to legislation, it pays to be partnering with those who can guide you through.”
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