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hero Report reveals lower rent

Report reveals lower rent levels and higher satisfaction in PRS

  • Average length of time in the PRS increases to 14 years
  • Average monthly rents decreased in Q4 2015
  • Tenants spending an average 9.5 years in PRS properties

A survey of more than 800 Private Rented Sector (PRS) tenants undertaken by BDRC Continental on behalf of Paragon Mortgages has found high levels of satisfaction with rented accommodation – with 90% of those surveyed saying they consider their rented property to be their home.

Of those surveyed, 79% said they felt satisfied with their current landlord, while just 13% said they had ever rented from a ‘rogue’ landlord – down from 15% in the previous quarter. Contributing to overall levels of satisfaction, average rents decreased among respondents from £660 in Q3 2015, to £607 in Q4 2015.

As such those perceiving their rent to be ‘very good’ and ‘good’ value for money increased from 18% and 48% respectively in Q3 2015, to 20% and 49% in Q4 2015.

Reflecting the increasingly significant role of the PRS in meeting the UK’s housing needs, the average length of time spent in the PRS has also risen, from 12 years in Q3 2015, to 14 years, with respondents staying an average of 9.5 years in their current rented properties

John Heron, Director of Paragon Mortgages, said...

John Heron
Our latest tenant survey data highlights the way in which tenure distribution in the UK is continuing to change. In common with the most recent English Housing Survey we are seeing greater numbers of families living in the PRS, and for longer periods of time. This has coincided with improved levels of satisfaction and better value, it is clear that many tenants in the PRS regard the sector as their long term home. This latest data highlights more clearly than ever, the vital role the PRS now plays in housing Britain and housing policy needs to be applied carefully, to reflect this fact and to avoid impacting those who rely on the PRS for a home.
Paragon Mortgages is a trading style of Paragon Mortgages (2010) Limited (Registered in England No:6595834) and Paragon Bank PLC (Registered in England No:05390593). Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Paragon Bank PLC is registered on the Financial Services Register under the Firm Reference No:604551. Registered office: 51 Homer Road, Solihull, West Midlands B91 3QJ.