The results of our latest tenant survey in September 2023 show that the average tenancy now lasts 924 days compared with 706 days during 2020, an increase of over 7 months. That’s around a 30% increase in tenancy length!
Out of the over 1,000 survey respondents, the number who found it ‘difficult’ or ‘very difficult’ to move increased by 6% from 39% to 45% from our previous survey in March 2023. In the same period, the proportion of respondents who stated they weren’t planning to move rose 2%, from 48% to 50%.
Increased costs appear to be a factor contributing to the longer tenancy durations, with 64% of those who did move having to make financial sacrifices to meet their new rental arrangements. The proportion of respondents who said they’d taken on an additional job to secure their rental property increased by 3%, from 27% to 30% since March 2023.
Matt Trevett, Managing Director at The DPS said: “Average tenancy lengths started increasing during the pandemic as a result of government restrictions on moving and, despite the lifting of all restrictions in February 2022, average tenancy lengths have continued to rise.
“Responses to our regular tenant surveys suggest that the combination of competition for new rentals, high rents and other financial issues, as well as tenants acquiring a ‘lockdown pet’ are contributing to renters typically staying for longer in a property.
“Longer tenancies can also increase the likelihood of wear and tear and maintenance issues associated with a rental property. We’d therefore encourage landlords and tenants to keep an open dialogue throughout to ensure concerns are dealt with promptly, as well as to help avoid any dispute over return of a deposit at the end of a tenancy due to the property’s condition.”