Residential landlords and property agents in Britain should consider adopting a different approach to tenancies to meet increasing demand.
That is the view of the Association of Independent Inventory Clerks (AIIC) which has called for longer-term tenancies to be agreed.
The firm said that better preparation should include more administration and more considered thought about the choice of interior design.
Tenant changes
Results from the English Housing Survey 2014/15 indicate that the average private tenancy length currently stands at 4 years. This is a rise from the three and a half years recorded in the previous year’s survey.
In addition, the report found that 46% of 25 to 34 year olds resided in the private rented sector in 2014/15, up from 24% in the previous reporting period.
Patricia Barber, chair of the AIIC, notes, ‘despite numerous reports suggesting that the average tenant doesn’t want a long term contract, the official statistics shows that the average tenancy lengths are increasing, particularly among families, as people rent for longer.’[1]
Re-think
The AIIC is urging landlords to really think about what features will make their rental property seem like a home and what could entice renters to stay for longer.
Barber observed that as tenancies last for longer, this underlines the importance of organisation for landlords: ‘when tenants stick around for longer, often the chances of confusion and disagreement over certain issues are increased when the tenancy does eventually come to an end.’[1]
‘The longer time goes on, the more likely landlords and tenants are to forget details from the tenancy agreement or important information about the deposit and that’s why stringent administration, including keeping copies of everything and organising it accordingly, is so important,’ she added.[1]
Residential landlords ‘should offer longer tenancies’
Importance of inventories
Landlords should make sure, the AIIC states, that they recognise the importance of records and evidence, particularly for long-term agreements. This once again underlines the need for a thorough, professional inventory to be conducted at the start of the tenancy.
‘There are more grey areas over the condition of a property the longer a tenancy goes on. A detailed inventory will help landlords and tenants to determine exactly how the property’s condition has changed over the course of the tenancy, what can be deemed fair wear and tear and what needs to be replaced and therefore deducted from the tenant’s deposit,’ Barber concluded[1].
[1] http://www.propertywire.com/news/europe/uk-landlords-tenancy-terms-2016041211782.html