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New research carried out by the Association of Independent Inventory Clerks (AIIC) has revealed that the average tenancy is now four years, which is a jump up from the previous average of 3.5 years.
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The research also showed that 46% of 25-34 year olds live in the private rental sector, which is a steep rise from the 24% recorded in 2004-05.
Tenants want the Stability of Longer Tenancies
The news that many tenants are staying in rental homes for longer, flies in the face of media reports stating that tenants prefer the freedom of shorter tenancies. Instead, it is obvious that many tenants prefer the stability of long-term tenancies, particularly if they have children of school age.
Avoid the Void
Long-term tenancies are good for landlords. When tenants move out, there is often a void period before a new tenant can be found, not to mention the extra expense of redecorating, cleaning and replacing carpets. For this reason, it is sensible to consider encouraging tenants to rent for longer. Landlords should talk to tenants and see if there are any features that could be added to make a property feel more homely. Alternatively, you could let your tenants have an input when the property needs redecorating. The more homely it feels, the less likely they are to move out.
Long-term tenancies are not always plain sailing. As Patricia Berber, Chair of the AIIC points out: “When tenants stick around for longer, often the chances of confusion and disagreement over certain issues are increased when the tenancy does eventually come to an end.” As such, it is important to manage a tenancy correctly.
