Something which landlords need to consider is how long tenants remain in a rental property for. If you are fortunate, you can find a good tenant who is happy to settle down, and this often makes life easier for landlords and tenants.
At Thomas Morris, we vet tenants, and we can help you connect with the tenants you are looking for. If you would like to find a specific type of tenant, please get in touch and we will be happy to help.
We also stay in touch with the latest studies. A study carried out by an inventory services firm, No Letting Go, suggests private tenants are remaining in place for longer. The average time for each private tenant in a property is 4.3 years, which is an increase from the 3.9 years from 2017.
The study also found that the average length of tenancy increases with age:
For tenants aged between 16 and 24, the mean tenancy is 1.3 years
For tenants aged between 45 and 64, the mean tenancy is up to 5.7 years
For tenants aged 75 years and older, the mean tenancy is 17.5 years
Consistency in private rental market
The review suggests that the majority of tenants who let privately had done so for at least three years. 18% of respondents had been renting privately for between three and four years, 24% of tenants had been renting privately for between five to nine years, and 30% of private tenants had been renting for more than 10 years.
Nick Lyons, the founder of No Letting Go said; “The trend has been this way for quite some time, with the average tenancy length slowly rising over the years. This isn’t surprising given the growth of the private rented sector among all ages in recent times, now accounting for 19 per cent of all households in England” explains Nick Lyons, founder of No Letting Go. While this is undoubtedly good news for landlords and letting agents, in terms of more tenancies, more rental income and more growth for all involved, longer tenancies also potentially increase the problems surrounding maintenance, repairs and wear and tear, which could in turn increase the number of issues at check-out.”
Nick Lyons continued by saying; “Rather than longer tenancies making inventories less vital, they actually make them more so to increase transparency, create a solid evidence trail and keep issues to a minimum if a tenant decides to move out for whatever reason.”
Nick concluded by saying; “No-one doubts that longer tenancies are better in terms of stability, peace of mind and comfort for landlords and tenants, as well as longer management contracts for agents – but it shouldn’t be a time to get complacent or to take tenancies for granted. Because long tenancies have a longer gap between the start and end, for obvious reasons, the need for the check-in report to be as thorough as possible is actually much greater.”
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.