Reasons for renting
In this short article we look at the different reasons why people rent
- According to The Property Academy Tenant Survey 2020, just over half of tenants rent because they can’t afford to buy and almost half rent to suit their lifestyle.
- Stepping onto the property ladder is hard and Covid-19 has added to this with stricter lending criteria. However, not everyone wants to buy, 14% of tenants do not want to buy and 19% do not plan on buying for more than three years.
- There are many perks to renting, such as flexibility (12%), settling into a new area (10%) and the fact that all maintenance is taken care of for you (3%)
- Personal circumstances such as divorce (5%), between buying and selling a home (2%), studying (3%) and age (6%) can also cause people to rent. Source: Dataloft, Property Academy (14,000 respondents)