Attention landlords: tenants are renting for longer than ever!
Why are tenants renting for longer than ever?
Cost of living crisis
It’s taking longer for first-time buyers to save their deposits as energy bills, food prices, and rents increase.
Although many analysts believe that interest rates will never return to the ultra-low levels of the past, many people still believe they are too high. As a result, first-time buyers are delaying their decision to buy and rent for longer.
A growing proportion of people now believe they will never get on the property ladder, choosing to invest in life experiences and preferring not to be tied to a mortgage. This opens yet more opportunities for landlords as the rental sector expands. Attitudes toward owning your own home are changing in the UK and, in many ways, becoming more European, where there is less emphasis on home ownership.
Waiting to see what happens!
Many buyers have delayed making their first move, unable to decide and wondering whether the market has settled. Others are confused and are waiting to see if house prices will rise or fall. As a result, they choose to rent rather than make a decision.
What are the benefits of longer tenancies?
Finding the right home is something that is important to people. When tenants find their happy place, they frequently choose to rent long-term.
Typically, the longer your tenants rent from you, the better you get to know them. As time goes on, you may find that they are excellent tenants. This gives you a great track record to give you peace of mind for the future.
The rental market is in a great place. There are simply more tenants than available properties to rent. Therefore, whatever happens, your investment is secure. That said, longer tenancies mean that you do not have to spend time looking for new tenants and making the necessary checks and preparations. Not to mention building up trust again!
If any issues arise, the channels of communication are often better in long-term tenancies. Good landlords tend to fix any maintenance issues quickly. As a result, your property is in the best possible hands. Minor problems that can turn into costly repairs get sorted quickly.
Tenants will invest in your property
Tenants tend to invest in your property when they are confident that they will be living there for a long time. Things like curtains, decoration, and furniture – not to mention cleanliness and tender love and care to help keep your home in tip-top shape.