The March 2018 London Tenant Barometer report by Kinleigh Folkard & Hayward has revealed several new findings about the typical London tenant.
The report discovered that the average number of years a tenant expects to continue to rent in London is 4.2 years and that the average age of a PRS tenant in London is 37 years. The average monthly rent per PRS household in London is just over £1,600 and on average PRS households in London are home to 2.1 rent paying tenants with each tenant paying £775 per calendar month.
However, while the majority of tenants (71%) are happy living in a rented home and 78% feel confident they won’t be suddenly served notice by their landlord, the prevailing sentiment among tenants is that they are renting through necessity rather than choice.
The predominant feeling among tenants is that they would rather live in a home that they owned with two thirds agreeing (64%). However, tenants feel less optimistic about the prospect of being able to buy in the capital. More than half of tenants (52%) feel the possibility of buying in London has decreased over the last year.
While the majority of tenants across all age groups would rather live in a home they own rather than rent, it is the youngest renters (18 to 24 year olds) who are the most keen to buy. More than two thirds of these tenants (68%) said they’d rather buy than rent – the highest proportion of any age group.