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Having a good-quality tenant in your property for several years can be a great thing for you as a landlord.
You should benefit from:
- Lower or no void periods
- No 6 to 12-month re-let administration costs
And potentially lower maintenance costs throughout the tenancy, as properly-referenced long-term tenants may take better care of properties.
People who plan to rent for the longer term want somewhere they can really call home. That means they’re generally looking for a well-maintained, comfortable property that they can live in.
So, the first thing you’ve got to do is make sure you have an appealing property, with everything up to scratch and it’s clear to the tenants that there aren’t going to be any maintenance issues for the foreseeable future.
Secondly, be prepared to be flexible for the right long-term tenant. For example:
- Allow the tenant to redecorate, within reason
- Consider accepting pets. Almost a third of tenants we surveyed last year via the PRSim, LSL tenant survey said they’d be prepared to pay more rent (£24 per month on average) if they were allowed a pet
- Be open to other requests, e.g. upgrading the broadband
Demand
There seems to be plenty of demand for longer-term housing.
- Government research shows the average length of residence in the PRS to be 3.9 years
- Our own 2018 tenant survey revealed:
- Tenants over the age of 45 rent for an average of 6 years
- Tenants aged between 18 and 44 tend to rent for between 2.5 and 3 years
- Although many younger tenants move every 12 months, they may stay longer if they find the right home
Finally, if you do want a long-term tenant, make sure you’re very clear with your letting agent this is your preference. At Your Move, we reference check all tenants thoroughly, so you can be confident that whoever moves into your property for the foreseeable future is a suitable tenant.
Sources:
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