One of Britain's largest lettings agencies says long-term tenancies - now being called for by politicians and tenants' groups - could be of benefit to landlords.
Belvoir, which has over 160 franchise offices across the country, says the advantages to landlords include reduced void periods, far less frequent 'tenant-find' fees if a property isn't fully managed, a strengthened relationship between landlord and tenant and reduced wear and tear during 'move ins' and 'move outs'.
The trend is already happening, says the agency. When Belvoir's Dorset office opened in 2004 the average tenancy was 19 months, but now it is 33 months. In Cheadle the local office's longest tenancy is nine years while in Aberdeen, where there is a large affluent professional rental sector because of the oil industry and thanks to two universities, the firm's longest tenancy is eight years
However the firm says there is a downside to the trend - a shortage of stock.
With less churn of tenants and longer tenancies, there is less available stock than in the past - just at a time when PRS demand is increasing in most parts of the country.
Longer tenancies have been advocated by tenants' groups because they offer long-term security and allow older family renters to send their children to local schools without the fear of frequent moves.
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Comments
Belvoir are getting some appalling reviews on Allagents - mostly toward their Tenants.
I came across a Twitter account owned By Zoe Bywater, franchise owner of Belvoir Bedford, which had some interesting comments including one that states:
[b]"Tenants I have them - obnoxious little sh*ts who think they know it all and know naff all".[/b][i][/i]
Is it any wonder they are getting bad reviews from Tenants LOL !
Here's the link to Zoe's Twitter account:
https://twitter.com/zozzieb
Mark I agree with you. The company I work for manages over 900 properties in one city. Average tenancy length is around 18 months and, as you say, tenant served notices. This release from Belvoir is clearly lacking in fact/substance and is probably a stunt to explain to Landlords how they have their interests at heart. I have met many, many Landlords over the last 10 years who want to relocate temporarily for a year or two for work and rent whilst they are away. If longer tenancies become the norm these Landlords would not rent at all. This would have the effect of dimishing rental stocks and possibly higher rents. Publicity stunt I say!!!
Surprised at this. Would have expected a large agency like this to take a different position. I'm a lettings agent and I have to say I don't see much demand for 3 year tenancies - the average length is 18 months and its usually tenants that give notice when it happens.