14 Mar

Tenants desire longer tenancies

Tenants desire longer tenancies

Many UK tenants are looking for the opportunity to have longer letting contracts, according to new research.

The Residential Landlords Association (NLA) revealed four in ten tenants want to be able to rent a property for up to ten years.

At the moment, the average length of tenancy in the country's private rented sector is 4.3 years - higher than an average of four years at the same point in 2016.

The figures from the English Housing Survey show around 66 per cent of tenants have been in their current home for more than three years.

It is believed people are now less likely to move from their rental homes because they have significant ties with the area they are living in, especially in terms of schools and jobs.

According to the RLA, it is also a good trend for landlords who benefit from stable income from renters.

"It is good for both tenants who want security and landlords who have stable tenancies," said RLA chairman Alan Ward.

"It is time to focus not on heavy handed legislation, but looking at what more can be done to break the barriers preventing landlords offering longer tenancies, such as restrictions imposed by mortgage lenders. Landlords are stepping up and providing the stability that many tenants need and want," he added.

Recent research from construction firm McBains Copper revealed one in four in tenants want a long-term contract, while in London one in three wanted to continue renting for the next five to ten years.ADNFCR-1222-ID-801833485-ADNFCR

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