English Housing Survey shows the average length of tenancy has increased
The Average Length of Tenancies has increased – Highlighting the importance of regular property inspections.
Data released from the governments English Housing Survey shows that the average length of tenancies in England has risen to 4.3 years. This is up from 3.9 years in 2016/17 and shows a trend for people staying in their rental properties for longer.
Exact tenancy lengths varied widely between age groups, with tenants under 25 having the shortest tenancy lengths and those over 75 having the longest.
The increase comes as little surprise to many, given the growth within the private rental sector over the years. 19% of all households in the UK are now private renting – a figure of around 4.4 million people. These figures put the private rental sector above the social housing sector in terms of numbers, contributing to the demand for long term accommodation .
Long term tenancies are overall, excellent news for private landlords. The stability that a long term tenancy brings, with consistent rental income, no void periods and better tenant relations makes a landlords life easier in many aspects.
One downside that comes with a long term tenancy, is the ability for a property to fall into poor condition, with the landlord none the wiser. Many landlords and managing agents fall into the trap of seeing a property upon tenant check in and then not again until the tenant checks out – which can be many years later.
Commonly recognised issues include smoking in the property, destruction from pets, mould, damage and dirt. Less commonly realised issues with long term tenants include leaks and repair matters that tenants may be hesitant to report out of fear of losing their home, which when left untreated, can lead to far larger problems in the future.
The above are some of the reasons why mid-term inventories are so vital in a tenancy over six months. An independent pair of eyes on the property to highlight any issues that may arise can prevent a big shock (and bill) years down the line. Our clerks are all trained to know what to look out for and identify small issues, before they come big ones.