6 or 12 Month Tenancies?

One of the biggest surveys of tenants in the private rental sector shows that a narrow majority favour a six month or annual tenancy – not the longer periods suggested by some consumer groups and politicians.

The survey was conducted by respected polling organisation You Gov on behalf of Knight Frank and involved some 5,000 tenants.

Of these, 69 per cent of tenants aged between 18 and 24 said they would prefer a tenancy agreement of up to a year, with 61 per cent of 25-34 year olds saying the same. Of those respondents who wanted a break clause, allowing tenant or landlord to end the lease early, most said their preferred time-frame to break was 6 months.

The survey also reveals that the private rented sector continues to grow in size – it now consists of around 5.4m, or 20 per cent, of properties now being let out to private tenants.

Other points from the survey show that 52 per cent of tenants say living close to work or their place of study is a key priority, and the main reason (30 per cent) for moving between rented properties was to upgrade to a better or larger property.

A total of 38 per cent of tenants have lived in five or more rental properties and the majority have moved within a mile of their previous property – although 19 per cent have moved more than 60 miles, indicating a relocation for work or study.