Tenants are staying longer than ever in their rental properties and their requirements are changing, according to new research.
A study by the Association of Residential Letting Agents (Arla) revealed the average tenancy in the UK has reached a record high of 20 months.
The reason for this trend is thought to be due to the current strong competition for new properties, with 58 per cent of Arla’s members claiming they have more tenant enquiries than homes available.
Managing director of Arla Ian Potter said…
“The private rented sector is clearly picking the slack resulting from a flat housing market and the ongoing lack of mortgage finance.”
As a result, it was suggested regulation of the sector is more important than ever.
Letting agents noted a change in the type of tenants enquiring, with 55 per cent of these now couples or young families.
Many Arla members confirmed these types of tenants are often reluctant renters, who are forced to remain in the sector as they cannot get on the property ladder.
Let us know your thoughts…
Good news but we need to be aware that good tenants are worth keeping, not frightening away with unnecesary rent increases.