ARLA Say Tenants Are Staying Longer

Monday, August 6, 2012
Happy Tenants of Landlords with Rent Guarantee Insurance staying longer

Tenants Happy To Stay Longer In Rented Property

New research from the Association of Residential Letting Agents (ARLA) has shown that tenants are happy to stay in rented property for longer than ever.

The UK Buy-To-Let market continues to offer a strong return for property investors, with the new ARLA data showing that the average length of a tenancy in the UK has risen to a record high of an average time of 20 months.

Strong competition for rental properties has prompted growth, with more prospective tenants than there are properties available according to ARLA.

The continued development of services and products to help landlords is making Buy-To-Let an attractive and profitable prospect for many would be Buy-To-Let investors.

Landlords are utilising the latest developments within the residential lettings sector to find themselves the best tenants and then are taking steps to protect their rental income, through Tenant Referencing services and Rent Guarantee Insurance products.

55% of all new tenancies in the UK PRS are taken by couples or young families who are struggling to get on the property ladder because of the financial outlay required for a deposit to purchase a residential property.

Ian Potter, Managing Director of ARLA said: “The private rented sector (PRS) is clearly picking up the slack resulting from a flat housing sales market and the ongoing lack of mortgage finance. As tenants stay in properties for longer, the importance of regulation in the sector becomes even more pressing.”

This was written by Mike Clarke. Posted on at 9:00 am. Filed under Landlord News. Tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.