By far the majority of private rented sector (PRS) tenants are satisfied with their tenancies.
Tenants surveyed by Paragon Mortgages and reported by Samantha Partington for Mortgage Solutions said they are happy with the terms of their tenancy agreements and the level of rent they pay.
The main results of the Paragon Survey show:
- Of the 500 tenants surveyed in March this year, 70% said they thought the rent charged by their landlord was either good or very good value for money.
- Only 12% of tenants said they felt uncomfortable asking their landlord if their tenancy could be extended while 6% said they had been refused a longer tenancy.
- Overall tenants expressed satisfaction with their landlord and most considered the property they rented to be their home.
John Heron, managing director of mortgages, said:
“There has been a lot of noise around the need for longer-term tenancies for some time and I think there is a common misconception that landlords are not willing to be flexible in the tenancies they offer.”
John Heron says that the survey had highlighted that landlords are “more than willing to extend terms” He emphasised that in 71% of cases it was the tenant who chose to end the tenancy not the landlord.
Mr Heron said that as leading buy to let mortgage providers in the UK “We are big supporters of offering longer-term tenancies.”
“We were one of the first buy-to-let lenders to announce we would support the government’s new model lease and allow landlords to offer 36-month tenancies to those tenants who need that extra security as we believe this is our social responsibility.”