Last Updated: 29/03/2017
Tags: Longer Tenancies Are Needed
Sometimes work opportunities can mean you need to be away from your London home for a period of time. But fortunately if you have a property in London there will be many reputable tenants looking to rent desirable properties in London. One recent survey by the Association of Independent Inventory Clerks (AIIC) indicates that UK landlords and property managers should consider offering more long term tenancies.
The AIIC points out that in the English Housing Survey 2014/2015 the average private tenancy length is now four years, up from three and a half years in the previous survey. It also found that some 46% of 25 to 34 year olds lived in the private rented sector in 2014/2015, up from 24% in 2004/2005.
‘Despite numerous reports suggesting that the average tenant doesn't want a long term contract, the official statistics show that average tenancy lengths are increasing, particularly among families, as people rent for longer,’ said Patricia Barber, chair of the AIIC. With a wider acceptance of renting for longer periods there is increasing demand but it also means a different approach is required.
Barber points out that the phenomenon of long term renting highlights how important it is for landlords and tenants to be organised and make sure they're on top of their administration duties. The AIIC also highlighted that landlords should be aware of the need for evidence and records, especially for long term tenancies, and this again demonstrates the value of a thorough and professionally prepared inventory carried out at the start of the rental. Making sure you have a reputable London agent such as Hawes and Co to help you prepare for and manage longer tenancies can prove invaluable.