The majority of tenants in our areas are aged between 25 and 40. In 2016, this group made up 59% of all tenants who rented property in City, Midtown and East London. The under 25s were equally prevalent if we take into account the fact that this age band only represents around 5, or at most 7, years while the 25-40 covers 15 years of adult life. The number of people renting after the age of 40 is low.
British people have made up a growing proportion of all tenants While European nationals made up 15% of buyers, they account for 33% of renters – only a little less than the British renters who made up 36% of the total. As an institutional rental sector is gradually established in the UK, European cities are often taken as a model of successful rental markets. Around 10% of tenants during 2016 came from the Far East compared with 15% in 2015 showing that the decline in the proportion of were fewer buyers and tenants from that part of the world in 2016.
There was a fairly even split between singles, couples and sharers while, perhaps unsurprisingly, families accounted for only 4% of the total. This pattern seems to be typical of our markets.
The student market is most active in the second half of any year for obvious reasons but overall they make up around 30% of all renters – that includes post-graduates. The banking sector is the other stalwart of our rental markets although there has been a notable decline in its share of the total over the past 3 years, and in 2016 it accounted for 23%. The only other significant sector is law, which provided 8% of renters in 2016 – a larger proportion than in any of the three previous years, in fact double.