Newly released figures from online property marketplace, Vesta Property, has shown that 21% of 35-44 year olds have been forced to leave rented accommodation before they are ready to as a result of a change in ownership.
The Vesta research indicates that a staggering 39% of millennials fail to understand exactly what their rights are as tenants when their landlord sells and 32% didn’t know that tenants could be evicted even if they have done nothing wrong. The research indicates that the current residential property buying and selling system is not fit for purpose. When asked if millennials would prefer to rent a property that allowed them to remain, even if the property was sold, 77% overall confirmed that they would.
The reality of how hard non-fault evictions can be on tenants as a result of selling a rental property is confirmed with a shocking 9% of millennial tenants admitting that the stress of being evicted has caused mental health issues and 14% state that they have suffered financially as a result.
Russell Gould, CEO Vesta Property said, “The current buying and selling system, where good tenants are evicted for no reason other than to sell a property, makes life harder for everyone. Buyers have to find new tenants, sellers can lose valuable income and renters are forced to disrupt their lives by finding new accommodation.
“The sector needs to move with the times and mould the system into something that works for both landlords and tenants alike. Specifically, the practice of advising a landlord to evict tenants in order to sell a property is outdated.
“The sector needs new models such as Vesta that offers tenants-in-place during the sale process thereby satisfying tenants who want to keep their home and landlords who wish to sell.”
When made aware of the current system and their tenants’ rights, 79% of millennials questioned believe it is ridiculous for a landlord to evict a settled tenant simply for the new landlord to replace them.