One of the main questions we get from our Landlords is ‘are these tenants looking for long term?’
It is understandable that as a Landlord you could potentially require a tenant(s) to reside in your property for as long as possible to allow consistent rent and avoid void periods during change of tenancies.
We are noticing that tenants are staying in residence longer than usual- with some even requesting longer contracts at the offset of the tenancy.
75% of tenants are happy to be in rented accommodation with a third of those tenants happy to rent for the rest of their lives. Men being the most content to rent. Interestingly, Central Londoners are most likely to chase their dreams of owning their own property with only 17% happy to rent for longer than five years.
The majority of tenant’s surveyed by Landbay mentioned the main reasons for being happy to rent being: ‘less maintenance expenditure, flexibility and little to no responsibility’.
The Government say that on average, tenants are staying in one rented property on average four years.
This is great news for Investors and Landlords and would mean that now could be an excellent time to rent out a property if you have been sitting on the fence for a while. If you would like any further information about renting out your property please do not hesitate to contact us on 020 8255 5526.