Celebrity in tenancy renewal shocker
It's not often that a celebrity story in a national newspaper uses a lettings angle to make it newsworthy, but it has happened. The Daily Mail opened with the headline 'She has renewed the lease on her flat', when talking about the American actress Lindsay Lohan's plans to stay on in the UK. It was their key piece of evidence. And high up in the article a 'source' says she's extended the lease by six months!
Wow. Rather than get excited that an attractive actress might be spotted in London for another half a year - my mind raced to the fact she's forgone a rolling tenancy in favour of a fixed term one. How nerdish is that
Then I got thinking about renewal fees. How much did she pay, did she or a member of her entourage negotiate with the letting agent or landlord What's the flat like How much is the monthly rent Does she call the Property Manager to replace a light bulb or unblock a toilet Does she do it herself
When you take away the paparazzi photos and look beyond the speculation about Miss Lohan's private life, there's actually a sensible story here about renting property. The fact that a new six month lease has been agreed shows there has been some thought and dialogue behind the decision.
How many tenant and landlord relationships do you have that fall into the rolling tenancy/periodic tenancy camp Do you actively encourage discussions towards the end of fixed-tenancy agreements to see what option would suit the tenant and landlord best Are you motivated by renewal fees so actively seek to open negotiations
People will always need to rent property - it's not a trend that'll be over next week - and the duration of tenancies has been creeping up since 2005, according to ARLA, with the average length of continuous stay rising from around 15 months to something nearer 20. That means thousands of tenants need contacting at given points in their fixed-term tenancy, with the need to discuss what happens next.
The question will probably revolve around landlords. Moving into 2015, will they prefer the flexibility of rolling tenancies where the month-on-month arrangement gives them the opportunity to change their mind on a whim Or will we see more landlords explore longer-term fixed tenancies of 12 months+ for added security
*Dave Hunt is the Business Development Director of ARPM Outsourced Lettings Support
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