Research from The Deposit Protection Service shows that renters are now staying in their properties for about 30% longer than four years ago. The average tenancy duration has increased from under two years in 2020 to over two and a half years.
During the period, the average tenancy duration was extended by 218 days. The DPS confirmed this increase, stating that it amounted to a rise of just over 30%.
Between March and September 2023, the research found that the percentage of relocating respondents who found moving challenging increased by 6%. Additionally, the proportion of respondents not planning to move rose by 2% during the same period.
The research also noted a 3% increase in respondents who took on an extra job to secure their rental property between March and September 2023.
Furthermore, data revealed that 64% of movers surveyed in September had made financial sacrifices to meet their new rental arrangements, marking a 1% increase since March 2023.
The proportion of respondents paying £501 or more in rent to secure their rental also increased from 8% in March 2023 to 13% in September 2023, according to the organisation.
Find Out More: If you’d like to learn more about property, dive into our guides on how to calculate market value and buying more than one property.