The latest Tenant Survey Report 2023 by JLL shines a spotlight on what tenants are looking for in a home - and how that could change in the future. It paints a detailed picture of today’s tenants, including how often they move and what motivates them to up sticks and head elsewhere.
JLL states: ‘What tenants are looking for in their homes is changing, with convenience and the local neighbourhood more important than ever. We surveyed nearly 1,400 tenants in March and April for this report. Nearly half (47%) of those surveyed lived in London, while the rest were spread across the UK.
‘Most tenants (89%) who took part were under 45 years old, and 48% were between 25 and 34 years old. The majority of tenants (73%) lived alone or as a couple. Meanwhile, 18% shared their home with another tenant, and 9% lived with family.’
Below is a summary of some of the key findings from the report.
How often do tenants move? Nearly half (47%) of those surveyed had lived in their current property for less than a year, and 29% had been in their rental home for one to two years. This trend is unlikely to change any time soon, with 80% of tenants expecting to move within the next two years.
What motivates them to move? Tenants’ biggest motivation for moving home was a desire to get onto the housing ladder with almost a third of those surveyed hoping to buy their next property. But tenants with an eye on home ownership face challenges. With mortgage rates on the rise and the cost of living crisis still taking its toll, it’s perhaps unsurprising that the proportion of tenants who expect to own their next home has dropped from 31% to 26% in the last 12 months. As a result, the majority of those surveyed (64%) thought their next move would be to another rental home.