How long is your tenant likely to stay?
Some landlords like to let to particular type of tenant, others focus on the length of time a tenant’s going to stay. Either way, it’s useful to have an idea of which are likely to move on in 6 or 12 months and which are more likely to be long-term renters.
A key factor in how long a tenant will stay is their personal circumstances. Younger people and those without children tend to change jobs and move more often, and the majority of them (well over three-quarters) are planning to buy their own home as soon as possible.
Our 2018 tenant survey showed that although ‘younger independents’ (aged 18 to 24) intend to rent for an average of 2.6 years, even in that short time most will live in at least two different properties. ‘Flexible professionals’ (25 to 44 without children), are much the same. In contrast, those ‘reconciled with renting’ (45 or older) expected to rent for nearly six years on average, with most moving just once or twice over that time.
Three top tips for keeping your tenants
If you give tenants a comfortable, well-maintained home that suits their needs, there should be no need for them to move unless their circumstances change. So here are three key things for you to focus on:
- Choose the right tenant to start with. Be up front about the length of let you’re looking for and find out as much as you can about the tenant’s plans.
- Be flexible. Consider accepting a pet, installing a tumble-dryer or upgrading the broadband supply if it will help secure a good long-term tenant. Our survey showed that a third of tenants would pay around £24 extra a month to have a pet and 30% would pay an additional £19 for high-speed broadband.
- Maintain the property well. Make it clear to your tenant you care about their home by carrying out regular checks and responding quickly to any problems.