Almost one in eight tenants under 25 believe that simply handing back their keys is the way to end a tenancy, according to new research from Nationwide Building Society.
According to the survey, conducted in conjunction with YouGov, of those who rent privately, 12% of young renters in the 16 to 24 group believe they can leave without giving notice to their landlord.
In the same age group, nearly a quarter (23%) are unaware whether their personal possessions are automatically insured by their landlord or not. This compares with less than half as many (12%) of the 55 and over group who are similarly in the dark about the insurance of their personal items.
Less than three out of five (59%) tenants under the age of 25 are certain that they are able to shop around for a better energy deal, according to the research, whereas an overwhelming 92% of the 55 plus age group know they could opt for a new electricity or gas supplier.
In an effort to help private tenants of all ages to acquire the knowledge and information they need, Nationwide has launched a free, comprehensive and independent new guide for tenants. The Tenants' Guide offers information both for those considering renting for the first time and those already established as tenants.
It covers the process of renting a property and the responsibilities of tenants, landlords and letting agents, as well as general explanations of many of the terms tenants may come across. There are also practical tips on successful budgeting, the potential expectations of the various parties and how to avoid poor practice.
In conjunction with YouGov, Nationwide surveyed tenants who currently rent from private landlords to identify some of the most common areas where tenants need clear and concise information, in order to make more informed choices.
When asked for views on the best things about renting, amongst the most popular comments were the flexibility and ease of movement, having affordable accommodation, the level of choice and the fact that landlords are responsible for, and pay for, repairs.
However, those surveyed suggested that their most common worst things' about renting were agents' fees, the lack of certainty of tenure, and being unable to put their stamp on the property as they are not the owner.
Stephen Uden, Nationwide's head of citizenship, said: In 2012, under our Citizenship agenda, we announced a programme of activities designed to support 750,000 people into a home of their own, whatever the tenure. This, coupled with the insights and focus of our buy to let provider, The Mortgage Works (TMW), and our long-standing partnership with Shelter, have all highlighted the need to support and equip those entering or already in the housing market, whether renting or buying.
Campbell Robb, CEO of Shelter, added: It's already tough for many young people to secure a home of their own, whether owned or rented, and increasing demand will only continue to make this harder. Getting equipped for the practical realities of renting a home, as well as understanding your rights and responsibilities if you are already renting, is therefore crucial to ensure people can make the best choices.
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Comments
I agree Daniel but the findings could possibly be a little misrepresented. I will explain my logic:
We issue Tenants with a comprehensive tenancy guide which has taken many years to compile and is constantly subject to amendment to keep the information up to date. It contains information about Tenant(s) obligations, legal issues - you know the kind of thing - everything a Tenant should need to know about renting - right down to best practice for decorating!
However, do they read it fully I wonder if Nationwide surveyed our Tenants (and we have over 900) how many could have answered their questions correctly. We have always known that issuing a guide to a Tenant does not mean that they will read it and understand it all.
Interesting findings. As I said in one of the articles yesterday, consistency across the board and better communication would help to eradicate confusion and misunderstandings like those seen above.