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One in three would be happy to rent for life

A new survey has found that a third of tenants would be happy to rent for life, citing reasons such as flexibility and buyer affordability.

The poll – conducted by Hillarys –  found that over half were happy with their current rental situation, with 35% saying they would be happy to never buy a property and continue renting.

The top reasons given for preferring renting over buying a property included:

– The ability to move from city to city quickly if required (39%)
– Property prices currently too high (27%)
– No worry about costly repairs (14%)
– Prefer the freedom to move as they wish and not be tied-down (9%)
– The stress of moving house is too high (6%)

A spokesperson at Hillary’s, Tara Hall commented: ‘We hear so much about how more people have to rent long term because they can’t get on the property ladder, but it’s interesting to see how many are actually more than happy with renting,

“Owning a property isn’t for everyone, especially if you like not being tied down or don’t want to spend months and months saving for huge deposits.”

THE RISE OF RENTING

The wise advice that has been passed from generation to generation had always been to buy; pay off the mortgage and benefit from such a valuable personal asset. 

But this survey amongst others shows how the attitude towards long-term renting has changed, which is down to a number of reasons including the return to city living and buyer affordability at the first rung of the property ladder.

And it’s not just the younger generations who are snapping up luxury apartments in the city in which they work.

Read more: Increased demand for rental properties sees asking rents rise 7% in three years

The number of middle-aged renters have also been on the increase, with data analysis from the BBC showing that the number of 40-somethings renting from a private landlord almost double what it was a decade ago with factors including affordability issues and also ‘accidental renters’ such as after a relationship breakdown.