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A recent study indicates that the average private rental tenancy in the UK is now 20 months, almost a fifth longer than that of 2014. From a South West viewpoint, Stags’ selection of 3,000 properties under management and to let shows an average tenancy length of 19 months.
Andrew Luxton MRICS FARLA, Partner in charge of Stags Lettings department, reports a growing desire among tenants for longer tenancies, with many initial contracts starting at 12 months with the option to renew either on a fixed-term or periodic basis. This is of benefit to many landlords as a secure and stable tenancy will both minimise void periods and improve yields.
However, there are still a number of tenants who require flexibility and are only willing to commit to an initial six-month term with the option to extend on a periodic basis. The current flexibility of the Assured Shorthold Tenancy seems to work well and is suited to both parties. Furthermore, contrary to popular belief, in the majority of cases it is in fact the tenant that gives notice to leave.
When considering the letting of your property it is important to obtain a correctly drafted tenancy agreement, which ultimately protects not only the landlord but also the tenant. If you have any questions or queries concerning any aspect of letting your property, please do not hesitate to contact one of our dedicated lettings departments.
