According to recent research from the Association of Residential Letting Agents (ARLA), tenants are now staying in the same rental property for an average of 20 months, setting a record duration. This figure is up from an average of 19 months in 2012, indicating that tenants are committing to longer term rentals.
Ian Potter, Managing Director of ARLA, reported:
“Our data suggested that tenants are increasingly sitting tight in their property and are either reluctant, or unable to move. This stagnation means fewer and fewer properties are freed up.”
Numerous letting agents are reporting large numbers of potential tenants on waiting lists for rental properties as demand has greatly exceeded supply. The number of new applicants seeking to rent in March 2013 saw an increase of 21% from February 2013, however the number of available homes only rose by 5%.
The number of agreed new tenancies increased by 13% on the previous month, and reflects a 19% increase from 12 months ago.
Westpine Property Lettings & Management believe that the above figures clearly show the continued growing demand for rental property, meaning tenancy agreements are agreed faster and, most importantly, landlords will be delighted with much lower void periods for their properties. The average 20 month stay suggests that, as tenants are viewing the tenancy as a long term venture, rental properties are being maintained to a good condition.
Here at Westpine we strongly believe in encouraging long term tenancies with high quality tenants. With this in mind, we do not charge either our landlords or tenants any renewal fees on our full management service should both parties wish to renew their tenancy for a further fixed term period. Once a tenant is in place, who maintains the property to a good standard and who pays the rent on time, Westpine will endeavour to extend this arrangement for as long as possible by promoting a strong working relationship with all parties.
With longer tenancies taking hold, Westpine believe that investment in rental property will further increase as landlords will be able to feel more confident that their investment will bring in a return month on month, with less void periods.
Westpine can be contacted on 01204 694121, firstname.lastname@example.org or 87 Winter Hey Lane, Horwich, Bolton, BL6 7PA