1st
Dec 2021
A UK property inventory management company claims that as there is increasing numbers of renter’s opting for longer tenancy lengths, it is of the utmost importance for landlords to make sure inventories and consistent inspections are maintained throughout the tenancy periods.
The company refers to the latest English Housing Survey available from last month (Oct 2021) which finds that on average, PRS tenants are living in their ‘home’ for 4.3 years and has risen from 3.9 years in 2017.
The survey found the average tenancy length increases with age as 16-24 year olds average is 1.3 years, whereas renters aged 45 to 64 stay in their home for an average of 5.7 years, and the average for those of 75 + is significantly higher at 17.5 years.
The EHS suggests the time in current accommodation was relatively short, time in tenure appeared longer as tenants were moving and remaining within the private rented sector.
The survey finds that a majority of tenants had rented a home for three years or more. Altogether 18 per cent had been renters for 3-4 years, 24 per cent for 5-9 years and 30 per cent for 10 years or more.
The founder of firm Nick Lyons, said: “The trend has been this way for quite some time, with the average tenancy length slowly rising over the years. This isn’t surprising given the growth of the private rented sector among all ages in recent times, now accounting for 19 per cent of all households in England.
He continued: “While this is undoubtedly good news for landlords and letting agents, in terms of more tenancies, more rental income and more growth for all involved, longer tenancies also potentially increase the problems surrounding maintenance, repairs and wear and tear, which could in turn increase the number of issues at check-out.
“Rather than longer tenancies making inventories less vital, they actually make them more so to increase transparency, create a solid evidence trail and keep issues to a minimum if a tenant decides to move out for whatever reason.
“No-one doubts that longer tenancies are better in terms of stability, peace of mind and comfort for landlords and tenants, as well as longer management contracts for agents – but it shouldn’t be a time to get complacent or to take tenancies for granted. Because long tenancies have a longer gap between the start and end, for obvious reasons, the need for the check-in report to be as thorough as possible is actually much greater.”
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