Tenants are looking to stay longer according to a recent survey carried out by Rightmove consisting of 1300 landlords.
As a landlord the main goal is to have long staying tenants that pay their rent and look after the property and according to this survey tenants are staying longer, did you know that the average length of tenancy is now at 2 years?
This is the findings from a recent landlord survey by Rightmove and the survey has indicated a change in renter behaviour against a backdrop of record rents and rising household bills. Over the last year 20% of landlords reported a rise in their average length of tenancy, with the most common average tenancy period being over 2 years (63%). We have seen this as an increasing trend over the last few years at Taylor Robinson with many tenants looking to stay longer, it is very rare we will get a tenant ask for 6 months.
Many landlords have recognised the challenges of rising household bills for renters, with the majority (63%) choosing not to put up rents. This is despite there being triple the number of enquiries than available properties.
Analysis of 20,000 build to rent listings revealed that the feature which has seen the largest increase in renter demand is to have all bills included at + 36%, it will be interesting to see if this is something that becomes more common across the board.
Source: Dataloft, Rightmove (survey of 1,300 landlords)