Good news for landlords as tenants ‘sit tight’
The average tenancy length has reached a new record, according to latest figures from the Association of Residential Letting Agents (ARLA).
Tenants are now staying in the same rental property for 20 months, up from an average of 19 months in Q1 2012.
There are a number of reasons for this increase; over half of ARLA members continue to experience demand outweighing supply. This has been further fuelled by overall improvements in the property market; ARLA agents have reported a significant drop in ‘accidental landlords’, owners of properties who, having been unable to sell, have opted to rent it out instead.
This has all contributed to tenants ‘sitting tight’ in their current property, either through choice or by lack of it.
GW LET solicitor, Rob Denman, comments:
“Demand has outweighed supply for quite some time now in the private rental market. However the declining figures of properties coming to market because they can’t be sold have tipped the scale even further.
“This is not only good news for landlords with existing properties but also for those considering extending their portfolios.”
Content correct at time of publication