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Tenants facing average rates of £745 a month

Tenants facing average rates of £745 a month

Category: Buy To Let

Updated: 01/06/2012
First Published: 01/06/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tenants are currently facing monthly payments of almost £750 each month to rent their homes, new figures show.

A report from the National Landlords Association (NLA) shows that the average cost of renting in the UK has increased to £745.97 a month.

But the majority (63%) of tenants said they have seen no increase in their rental costs in the last year.

The freeze in prices is likely to have gone some way to an overwhelming 79% of tenants saying they are satisfied with their current landlord.

The length of time tenants remain in the same rental property also indicates high satisfaction levels; the results show that 46% of tenants have lived in their current rental home for four or more years and a further 24% have lived in their current accommodation between two and four years.

Furthermore, results show that 36% of tenants still reside in their first rental property.

"Tenants have high expectations of their rental experience and so I'm delighted to report that the majority are satisfied with their landlords," said David Salusbury, chairman of the NLA.

"There are many landlords who take great professional strides to ensure they are doing the best by their tenants – it's good to see their efforts come to fruition.

"The research shows that most (63%) landlords have not increased their rents in the last 12 months.

"With the cost of living increasing for everyone in the UK , it's encouraging that many landlords are not seeking to impose an additional financial burden onto their tenants."

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