Private Tenants Staying For Longer
A recent study taken by an inventory services company, No Letting Go, indicates private tenants are staying in the same rental property for longer. The recent review suggests the average time for each private tenant in a property is 4.3 years, and this is an increase from the 3.9 years, which was noted in 2017.
The study also found that the average length of tenancy increases with age:
For tenants aged between 16 and 24, the mean tenancy is 1.3 years
For tenants aged between 45 and 64, the mean tenancy is up to 5.7 years
For tenants aged 75 years and older, the mean tenancy is 17.5 years
This is a considerable length of time, and suggests that people at this time of life are happy to remain settled. Once a family or person has downsized and found a pace of life that is comfortable for them, it makes sense to stick with this way of living.
Consistency in private rental market
The review also found that the majority of private tenants had rented from private landlords for at least three years. It was also found 18% of private tenants had been renting for three to four years, 24% of private tenants had been renting for five to nine years, and 30% of private tenants had been renting for at least a decade.
Nick Lyons, the founder of No Letting Go said; “The trend has been this way for quite some time, with the average tenancy length slowly rising over the years. This isn’t surprising given the growth of the private rented sector among all ages in recent times, now accounting for 19 per cent of all households in England” explains Nick Lyons, founder of No Letting Go. While this is undoubtedly good news for landlords and letting agents, in terms of more tenancies, more rental income and more growth for all involved, longer tenancies also potentially increase the problems surrounding maintenance, repairs and wear and tear, which could in turn increase the number of issues at check-out.”
Nick Lyons continued by saying; “Rather than longer tenancies making inventories less vital, they actually make them more so to increase transparency, create a solid evidence trail and keep issues to a minimum if a tenant decides to move out for whatever reason.”
Nick concluded by saying; “No-one doubts that longer tenancies are better in terms of stability, peace of mind and comfort for landlords and tenants, as well as longer management contracts for agents – but it shouldn’t be a time to get complacent or to take tenancies for granted. Because long tenancies have a longer gap between the start and end, for obvious reasons, the need for the check-in report to be as thorough as possible is actually much greater.”
Contact The Letting Line today
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.