Research reveals aspirations and aims of London tenants
New research from estate agent Kinleigh Folkard & Hayward offers a snapshot of the finances and demographics of London tenants.
The average rental household in London has 2.1 rent-paying tenants, each paying £775 per month, equating to an average property rent of £1,600 per calendar month.
The average age of a privately renting tenant is 37 years old and nearly a third of them - 32 per cent - have non-rent paying dependents living in their household.
Two-thirds of private tenants - 64 per cent - would rather own than rent, however some 52 per cent feel the possibility of ownership has decreased over the last year.
While the vast majority of private tenants in London - 71 per cent - are happy living in a rented home, only a quarter of renters want to stay living in long term rented accommodation.
Carol Pawsey, group lettings director at KFH, said: “High buying costs mean many expect to rent for the foreseeable future and want property that adequately meets their expectations.
“It’s therefore important that landlords, private rental sector portfolio owners and Build to Rent developers understand the demands of their customers.”
On average, tenants expect to continue renting in London for a little over four years, while 48 per cent expect their rent to rise over the next year - the average expectation for the increase in 1.1 per cent on average over the next 12 months.
The highest priority among tenants when choosing property is rental price. Nearly four-in-five tenants felt this was important when choosing their current property.
Some of the lowest priorities among tenants are shared inclusive amenities such as gyms, cinema rooms and entertaining areas (important to just five per cent); good quality mobile phone reception (seven per cent) and high internet speed (12 per cent).