Greater than a 3rd of tenants would settle for a lease enhance, however provided that they like their landlord

With the demand for rented houses at the moment 10% greater than in March 2022, many tenants are going through the powerful determination of whether or not to remain put of their present property on the expense of elevated lease, or to maneuver within the hope of a greater deal.

To find what number of tenants take into account their landlord-tenant relationship when making rental selections, the Uswitch buy-to-let mortgage consultants surveyed tenants on whether or not they would settle for an extended contract or lease enhance if that they had a optimistic relationship with their landlord.

Tenants and landlords had been additionally polled on what qualities they assume contribute to landlord-tenant relationship.

Greater than a 3rd (36%) of all tenants would each renew their contract and settle for a lease enhance if that they had a optimistic relationship with their landlord. This was the second hottest choice, behind half of all tenants answering that they might renew their contract, however solely and not using a lease enhance. Just one in ten tenants would neither renew their contract nor settle for a rise in lease.

18-24 year-olds had the bottom share of tenants keen to base each of their rental selections on their landlord-tenant relationship, at simply over 1 / 4 (26%). Nonetheless, this age group gave the second highest vote to the choice renewing with out a rise (53%), solely narrowly behind their friends aged 25-34 who gave 54% of their vote to this feature.

On the different finish of the dimensions, tenants aged 55+ had been the probably to contemplate a contract extension and lease enhance primarily based on a optimistic relationship with their landlord. Over 4 in ten (44%) voted for this feature, 16% greater than 18-24 year-olds.

Tenants aged 55 and over had been the least more likely to renew their contract with out accepting a lease enhance, primarily based on a optimistic relationship with their landlord, with 44% voting for this feature, while all different age teams had votes in extra of fifty%. Tenants within the age vary 25-34 had the very best vote on this space, with 54%.

The info signifies {that a} vital variety of tenants would settle for a lease enhance, however provided that that they had relationship with their landlord. When requested to vote on what contributes to landlord-tenant relationship each teams shared the identical high 5 values.

Communication was decided to be a very powerful to every group, with seven in ten (71%) tenants choosing it, and half (51%) of landlords agreeing. While the highest 5 values of the 2 teams matched, the outcomes present that tenants place extra significance on these qualities, with a minimum of 10% extra tenant votes for every.

Virtually 9 in ten (89%) tenants answered that they belief their landlord to attempt their finest to unravel any points associated to the property. This result’s cut up nearly evenly between 44% answering that they ‘considerably belief’ and 45% answering that they ‘considerably belief.’ Moreover, over half of all tenants surveyed (56%) reported that that they had not had any disputes with their landlords, whether or not about upkeep, communication, or different points.

Uswitch.com buy-to-let mortgages knowledgeable, Kellie Steed, shares recommendations on the right way to construct a optimistic relationship with tenants.

Steed stated, “It’s clear from our survey knowledge that tenants place quite a lot of significance on the optimistic values that go right into a profitable landlord-tenant relationship. The highest 5 qualities had been all chosen by greater than half of the tenants surveyed, and it’s these optimistic relationship constructing blocks which have influenced 36% to contemplate renewing their contract on the next lease.”