Longer lets for tenants and landlords are in higher demand.It used to be all about getting on the housing ladder here in the UK. What we are now seeing is a huge increase in people taking on renting as the best long term option.The decline in home ownership, especially for first time buyers, is giving way to opinion shifting in favour of long-term renting. This is not just for single professionals but those with young families too.The freedom that renting gives to tenants is an attractive option for those who might want to test out new areas to live. Longer tenancies also provide more continuity and security for tenants.It gives people the chance to rent a property that they might not necessarily purchase, whether a period cottage or a modern penthouse. The varied choice of properties on offer is encouraging new people into the private rented sector.
Long-term renters are staying put for extended periods of time and as a result are looking for longer-term tenancies of more than just the standard 12 months. Gaining places at the desired local school is often a major factor as well. Families are opting for longer-term tenancies in their desired school catchment areas in order to secure their home for the school term and beyond.All of this is of great benefit to many landlords too who end up with less new tenancies, ultimately incurring less wear and tear from new tenant move insas well as saving on costs of new tenancies and associated admin fees.It also allows for landlords to forecast their rental income for a longer period of time.
Here at Lawton & Dawe Properties we enjoy that we let homes, not just houses and recognise that this is becoming a more long-term commitment for our tenants and landlords with mutual benefit.