How long do you think tenants stay in the same rental property for? Is it 12 months, 1 year or maybe more? The results of the latest English Housing Survey (released in January 2020 for 2018-19) revealed that the average length that a private tenant lived in their current rental property was actually 4.4 years, up from 4.1 years in 2017-18.
The findings are exceptionally good for both landlords and lettings agents, as they reflect confidence, stability and opportunity. While many property investors are loathed to offer tenancy lengths of anything more than 12 months, it is possible to offer renters long-term security with fixed-term tenancy renewals, if well managed.
ARPM is aware that renewing tenancies and implementing increasing amount of compliance is a time-consuming aspect of the job, with lettings agents bearing the administrative brunt – and now with no recompense from the tenant. It is, however, essential to stay on top of renewals – especially if you want to minimize void periods and appease landlords.
ARPM is here to help ease the burden of tenancy renewal administration, including negotiating renewals, getting all documentation signed and collecting any renewal fees due. We can also organise inspections and offer a 24/7 property maintenance service to keep tenancies running smoothly. Please ask us for details.
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