If you’re a landlord, or contemplating becoming one, you’ve probably heard that the private rental sector is a pretty big deal right now. The prospect of owning a home is a distant dream lost somewhere at the end of a rainbow for many, and therefore renting seems more of a welcoming option to those confused about how to afford a home.
Long-term property rental
There’s also been an increase in long-term property rental, as tenants look to find a sense of stability. Finding a suitable and affordable apartment or house to rent can be extremely difficult due to the competitiveness and high demand within the market at the moment. When a tenant therefore finds somewhere they’re happy and financially comfortable with, it’s understandable they’d want to have a longer lease too.
This is further emphasised through a study that was carried out by the National Landlords Association around a year ago, which shows that over half of UK tenancies go on for two to three years, and a third lasts up to four years even.
It makes sense for both tenants and landlords
If you think about it, this set up also makes perfect sense for landlords too. As long as they choose their tenants carefully, a long term lease means avoiding the hassles of void periods and going through the arduous process of finding a new tenant every few months to a year. It allows the property owner and tenant to build a more communicative and trusting relationship over the years too, so that managing your property is less stressful.
It makes renting more enticing
The upheaval of having to move so frequently on short term tenancies, and then the stress of trying to find somewhere else is what puts a lot of people off renting in the first place. Offering longer term tenancies is therefore sure to garner more popularity for your property, particularly with families that want their children to feel settled in the area.
The main issue that property owners can face in doing this is finding a mortgage that allows tenancies to last longer than a year, as many don’t currently do this. Another fear is that committing to keep the same tenants for a longer amount of time could go wrong if the tenant starts causing problems of some sort, and is then a lot more difficult to evict.
One alternative to avoiding the above difficulties but still finding the protection from void periods that a long-term tenancy can give is to work with a guaranteed rent provider that offers lengthy contracts. Guarantee My Rent for example offer contracts with clients that can last up to five years. This not only means you’ll get your rent paid in advance every month, even throughout arrears or vacancies, but you also won’t need to worry about facing difficulties with the tenants either, as we deal with any dilemmas for you.
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