Buy to let landlords and investors are continuing to provide longer tenancies for those they let to, providing tenants with the stability and security many ‘need and want.’
According to the Residential Landlords Association, the average length of tenancy in the private rental sector has climbed to reach 4.3 years, a significant increase from the average of 4 years just one year earlier.
The new figures, derived from the English Housing Survey for 2015/16 found that nearly two thirds of those in the buy to let sector have lived in their current home for more than three years. Furthermore, nearly half have remained in the same private rental property for five years or more.
The growing desire for stability has been attributed to a number of factors, including tenants’ propensity to ‘settle’ in the buy to let sector as the market becomes ever tighter for first time buyers. This is reflected by the idea that the longer tenancies are down to the increasing proportion of couples with children in the private rental sector, up from a mere 30 per cent in 2005/6 to 36 per cent in 2015/16, showing that families now see private rental as a stable environment to raise children.
RLA chairman, Alan Ward, emphasised that landlords share the common desire for stability, and also aim to please their tenants. He commented: ‘Today’s figures show what we have always known – landlords want to provide tenants with long term housing. It is good for both tenants who want security and landlords who have stable tenancies. It is time to end the scaremongering peddled by some, and focus not on heavy handed legislation, but looking at what more can be done to break the barriers preventing landlords offering longer tenancies, such as restrictions imposed by mortgage lenders. Landlords are stepping up to the plate and providing the stability that many tenants need and want.’