LETTINGS NEWS: Tenants stay longer as rental market matures
There is good news for landlords and tenants alike – the average private tenancy now lasts for 2.7 years.
Although most tenancies could end after six or 12 month intervals, the large majority of tenants stay for much longer. This latest figure, based on a survey of 2,000 tenancies by market research firm BDRC, shows an increase from the 2.5 year average in 2014.
The lengthening tenancies are explained by changes in rental demographics.
In areas like our own west country, more families and older people rent than before and do not want to move frequently; young tenants now have to save for longer to afford to buy, so rent for longer periods as a result.
Separate surveys of the rental sector suggest that, contrary to some impressions, the large majority of tenants are happy with the quality and condition of their homes and do not want to risk moving to a less desirable property.