Private tenants are still renting their homes for longer than they did a decade ago, according to analysis by Zero Deposit.

Renters typically spend 4.3 years in each property and while this has reduced slightly since last year (4.4 years), it is 12% higher than 10 years ago when they rented for an average of 3.8 years. It is also higher than the average of 4.1 years seen over the last decade as a whole, highlighting the importance of the PRS when it comes to providing long-term accommodation, says the firm.

It found that in contrast, homeowners spend an average of 9.2 years in their home - down on the average of 9.9 years seen over the last decade and 13.9% down on a decade ago, with homeowners staying put for 1.5 fewer years today compared with 2012-13.

Reliant

Zero Deposit CEO Sam Reynolds (pictured) believes that tenants have grown increasingly reliant on the PRS due to the high cost of home ownership, while renting is increasingly seen as a lifestyle choice.

“It’s also fair to say that, with renting itself becoming more expensive, many tenants would rather stay put once they’ve secured a rental property, rather than foot the costs of moving while their original deposit is still being held by their previous letting agent,” he adds.

“While the build-to-rent sector has looked to provide a solution to the requirement for longer term tenancies, it’s PRS landlords who are vital to the sector and are still shouldering the majority of the weight when it comes to the provision of these properties.

"This highlights just how vitally important landlords are when it comes to the rental market eco system and why we must encourage investment into the sector, not deter it.”

The research casts doubt on the much-repeated claim that the rental housing market is 'insecure', highlighting how most landlords are happiest when tenants stay for long periods.