Tenants want longer term rental stability
New research suggests an overwhelming number of renters want longer tenancies, a trend pushed further by the uncertainties of the pandemic.
A recent survey* of over 1,100 tenants found that 93 per cent of those asked think that tenancies longer than 12 months should be more widely available within the UK rental market.
Some 81 per cent also stated that the pandemic and the turbulent rental landscape that emerged, as a result, have made them more likely to rent a property for longer than 12 months.
The driving factor behind tenant demand for longer-term tenancy agreements is the security they provide, with many having no choice but to move on at the end of the year should their landlord choose not to renew.
Longer-term tenancies also have advantages for landlords, providing stability of income and no void periods between tenancies, and if tenants are encouraged by a longer rental period, they are more likely to treat the property as their own and take greater care of it.
If you would like to discuss your rental portfolio please contact our team on 0333 920 2220.
*The survey was of 1,186 tenants conducted on July 21.
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