I was interested in a recent article on the Letting Agent Today website. It concerned the recent suggestion that tenants are seeking tenancies of five years or more.
It looked at a survey carried out by insurers Cover4LetProperty which made these interesting findings:
• 48% of tenants have lived in two or three different rented properties in the last five years.
• 47% of renters have lived in the same property for the last five years or more.
• 5% have lived in four or more properties in the last five years.
• 26% expect to buy their own property within the next six months.
• 35% hope to buy sometime in the next few years.
So the evidence seems to suggest that tenancies lasting over five years are less common than they have been in recent times.
Interestingly, the survey also asked tenants what would make them decide to leave a rented property. 23% said they would look to move if the rent was increased and 12% blamed their previous moves on problems with their landlords.
As ever, I would suggest that a properly managed tenancy with good communications between landlord and tenant, via a letting agent, would avoid at least some of these problems.