In a landscape where homeowners are on the move more frequently, a contrasting trend has emerged in the private rented sector (PRS). Zero Deposit has unveiled that PRS tenants are now spending 12% more time in rental properties compared to a decade ago.

Diving into government statistics, Zero Deposit dissected the duration of stay across various market segments and observed shifting lifestyle patterns over the years.

Their scrutiny revealed that homeowners are increasingly transient, averaging 9.2 years per property. This tenure is the second shortest in the last decade, only surpassed by the pandemic anomaly year of 2020-21, which saw an average of 8.7 years. The 9.2 years mark is also below the decade's average of 9.9 years.

This represents a significant 13.9% decline from ten years ago, indicating that homeowners are now staying put for 1.5 fewer years compared to 2012-13.

Conversely, PRS tenants are showing more stability, with an average rental period of 4.3 years. Although this is a slight dip from the previous year’s 4.4 years, it signifies a notable 12.1% increase from a decade ago when the average was just 3.8 years. This current average also surpasses the decade's overall mean of 4.1 years.

Sam Reynolds, CEO of Zero Deposit, elaborates: “Over the last 10 years, tenants have grown increasingly reliant on the private rental sector due to the high cost of home ownership and we’ve also seen renting as a lifestyle choice result in tenants staying put for longer.

“It’s also fair to say that, with renting itself becoming more expensive, many tenants would rather stay put once they’ve secured a rental property, rather than foot the costs of moving while their original deposit is still being held by their previous letting agent.

“While the build-to-rent sector has looked to provide a solution to the requirement for longer-term tenancies, it’s PRS landlords who are vital to the sector and are still shouldering the majority of the weight when it comes to the provision of these properties.

“With the Renters Reform Bill also set to provide further security to tenants with respect to tenancy lengths and eviction powers, it’s likely that the time spent in the same rental property will continue to increase over the coming years.

“This highlights just how vitally important landlords are when it comes to the rental market ecosystem and why we must encourage investment into the sector, not deter it.”

The analysis thus paints a picture of divergent trends: homeowners embracing mobility and tenants opting for prolonged stays in rentals. This dichotomy underscores the evolving dynamics of the housing market and the critical role of landlords in accommodating the growing demand for stable rental housing.