Results of the latest English Housing Survey (EHS) have brought the issue of long-length tenancies back into the spotlight. While the idea of making 3-year tenancies mandatory was abandoned by the Government in 2019, following an extensive consultation, the survey results have highlighted how renters are choosing to stay in the same rental property for extended periods.
The EHS found the new average stay in a privately rented property is now 4.3 years – surpassing the three-year benchmark that was widely rejected as a mandatory term. It’s a trend that has been building for a number of years, with the average tenancy length rising from 3.9 years in 2016/17 and 4.1 years in 2017/18.
The findings may prompt more landlords to consider offering longer-term tenancies but there are pros and cons to weigh up when it comes to offering rental agreements of more than 12 months. Here’s our quick-read considerations guide but for tailored advice, please contact our lettings team.
Pros:
Cons:
Speak to us about setting the right tenancy agreement length for your property, your target tenant and the current lettings market. We will create the perfect tenancy agreement that factors in break clauses, rent rises and notice periods.
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