Tenants are renting with regret because they feel they have to make rushed decisions about moving into a property, according to new research.
Too many tenants viewing too few properties mean decisions have to be made quickly – and often these decisions turn out to be a wrong move.
Close to one in four tenants – which adds up to 5.3 million people – confessed they rushed to sign a tenancy agreement and a quarter of them made the decision to rent within 24 hours of viewing the home.
The figures come from a survey by Ocean Finance.
The firm says half of tenants confessed they regretted letting their current home and wished they had waited for a better property to come on to the market.
Men make the quickest decisions, with those aged between 25 and 34 years old rushing to move the fastest.
Around 1.9 million tenants waited two or three days to sign a rental contract, with the same number waiting up to a week before making any decision to move in.
The main reasons for disliking homes were:
- The home is too cold (10%)
- Living space is too small (9%)
- Too much work needed to make the home comfortable (9%)
- Don’t like the neighbourhood (8%)
- Garden too small (6%)
- Property lacks character (4%)
- Property is old-fashioned (4%)
- Too far from local amenities (2%)
The firm also explained that younger tenants are most likely to rush and regret a decision that they are stuck with for at least six months, which is a minimum term in many cases.
“Our advice for tenants is to take some time to consider if you really like the property,” said a spokesman for the firm.
“Tenants normally have to pay the full rent if they leave early and then pay even more to rent another home, so moving in quickly can end up costly.”