Three-quarters of private renters would like to buy their own home, yet 44% expect to rent for the rest of their lives, according to research from the TDS Charitable Foundation. The nationally representative survey covered more than 2,000 private renters in England.
It also found that 51% of private renters would like to move out of their current property but feel unable to. Almost half (47%) said finding a suitable property was difficult on their last search, which the research links to a lack of choice in the market for tenants who want or need to move.
Tenancies are also running longer. The average private rented sector (PRS) tenancy is now estimated at 4.7 years, almost a year longer than a decade ago.
Appetite for an alternative to private renting is growing among tenants. Almost a third (30%) would prefer to live in social housing, up from one in five (21%) who said the same last year.
The increase is sharpest in four groups, with the share preferring social housing at:
- tenants aged 65 or over: 47%
- tenants receiving benefits: 46%
- households with children: 39%
- those living with a long-term health condition: 35%
The findings point to a growing range of households using the PRS as a long-term home, rather than a temporary step towards ownership.
"Our research highlights just how much the private rented sector has changed," said Dr Jennifer Harris, head of policy, research and social impact at tenancy deposit provider The Dispute Service (TDS) Group.
"What was once a sector associated particularly with students and younger people is now home to a much wider range of households, many of whom expect to remain renters for the long term. It is important that housing policy keeps pace with that changing reality.
"But the clearest message from the findings is the lack of choice many renters feel they have. Three quarters would like to own their own home, yet more than four in ten expect to rent for life, while over half would like to move from their current property but feel unable to do so.
"Reforms to improve renters' experiences and rights are important, but ultimately we also need to address the shortage of housing options available to people. A significant programme of housebuilding across all tenures – including homes for ownership, private rent and social housing – will be essential if we are to give people genuine choice over where and how they live."
