Rental Moving Trends 2023

25 January 2024

At the end of last year, the Property Academy carried out a survey into the UK residential property market, which was completed by over 10,000 landlords and tenants. The data revealed a snapshot into what both landlords and their tenants think of the UK residential property market.

The Tenant Survey

From just over 6,000 responses, approximately one-third of renters fall within the 25-34 age bracket, at which point a majority are striving to raise a substantial deposit in order to secure a mortgage on their own home. According to the survey findings, approximately 50% of tenants have a rental history of five years or less.

The swift acquisition of rental properties clarifies why merely 27% of tenants viewed only one property before finalising their rental agreements. The remainder explored up to 11 different homes before making their decision or being successful in securing a property, with the majority opting for a 12-month tenancy agreement.

The Landlord Survey

From 4,000 participants it was interesting to see the different responses from landlords. An accidental landlord is anyone who hasn't intended to become a landlord but finds themselves needing to rent out a property for varying circumstances; they may have inherited a property, decided to support a family member or a change in personal circumstances.  A professional landlord is anyone who treats rental properties as a business and often have multiple homes on a buy-to-let basis.

46% of landlords fall into the category of accidental landlords, and they anticipate their rental portfolios to remain unchanged in the coming year. Meanwhile, professional landlords express the possibility of increasing their portfolio, with 25% building an investment business. The following question was asked in the survey ‘What is the primary reason your portfolio will decrease in the next 1-2 years?’, the responses varied: an increase in landlord legislation (23%), too much worry (17%) and not making enough profit (14%).

Overall, 2024 is set to be a positive year, with more legislation being introduced for both tenants and landlords. Whatever the reason for becoming a landlord, the demand for rental properties remains high and encouraging for tenants also.

*Data provided by 2023 Renter and Landlord Survey Executive.