East Midlands tenants 'happy with value of rent'

by Daniel Jones

Most of the tenants currently renting a home in the East Midlands are said to be happy with the value for money they enjoy.

A new study by the UK Association of Letting Agents (UKALA) found that three-quarters of people renting a home in the region believe that the amount they pay represents either good or very good value, reports the Lincolnshire Echo.

Only one in five of those questioned suggested that they felt they were receiving poor value for money when paying their rent each month.

Richard Price, an executive at the UKALA, said that there are some regional variations, but generally it's great news that the majority of tenants are happy with the deal they have signed up to.

"Landlords and letting agents face a lot of unwarranted criticism for the rising costs of living but, in reality, this remains largely out of their control as rent levels are determined by the cost of housing provision and the balance between supply and demand in a given area," he explained.

Mr Price went on to note that the role of letting agents and landlords continues to be absolutely critical in helping people to find homes and ensuring the demand for housing across the UK as a whole is met.

On average, fewer than two per cent of people said that they had to end their last tenancy because of rises to their rent, indicating the vast majority are able to cope with the amount they are asked to pay.

Providing value for money should be a priority for landlords, as keeping tenants in a home for longer ensures guaranteed rent and means that they are able to avoid the costs associated with finding someone new to move in.

One way of ensuring tenants are happy is by opting not to raise rents, with the UKALA study showing that most tenants haven't been asked to pay more for their home at any point in the last 12 months.

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Published on: February 4, 2014

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