Reflecting the shifting demographics of the sector, the survey also reveals that an increasing proportion of those making a home in the PRS are couples (29%) and couples with children (21%).
The more settled nature of those living in the PRS is also reflected in the fact that 87% of those surveyed consider the sector to be their home. The survey also showed, the average length of time spent living in the PRS currently stands at 12 years.
Alongside a shortage of housing stock nationally, one factor driving this change is ever improving standards in the PRS. 81% of those surveyed said they were ‘satisfied’ with their landlord while 66% of respondents considered their rented home to be either ‘good’ or ‘very good’ value for money.
John Heron, Director of Mortgages at Paragon, said: “The message coming through in this survey is that, for many people, the PRS is an increasingly attractive option over the long-term. This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector – making it a more attractive proposition for both individuals and families.
This data underscores the value of the PRS to the UK’s housing market. The UK’s PRS still has some way to go to before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in this sector.”
