Landlords are being warned to prepare for longer tenancy agreements, following a new survey by the Association of Independent Inventory Clerks (AIIC).
Data from the report shows that the average length of a private tenancy is now four years, up from three and a half recorded in the previous survey.
As such, the organisation said that more thorough preparation must be conducted by landlords, including choosing furniture and interior design schemes.
Rises
The report also found that 46% of 25-24 year olds live in the Private Rented Sector during 2014-15, up from 24% in 2004-05.
Patricia Barber, Chair of the AIIC, noted, ‘despite numerous reports suggesting that the average tenant doesn’t want a long-term contract, the official statistics show that average tenancy lengths are increasing-particularly among families-as people rent for longer.’[1]
These figures should make landlords think more about what features could make their rental property feel more homely. In addition, they should consider how these changes might entice renters to stay in the property for longer.
Organisation
Barber also believes that a rise of longer-term renting underlines the importance of landlords being organised with their administration requirements. She said, ‘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]
Tenants staying in the PRS for longer
As a result, she said, ‘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- keeping copies of everything and organising it accordingly-is so important.’[1]
Important inventories
The AIIC is reminding landlords of their duties and the need for evidence and records, particularly for longer-term tenancies. A professionally prepared, thorough and detailed inventory is essential at the beginning of all tenancy agreements.
‘There are more grey areas over the condition of a property the longer a tenancy goes on,’ Barber continued. ‘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.’[1]
An inventory , which has been signed and agreed by the tenant, is the most important piece of evidence that a landlord or agent can possess, if a dispute should arise at the conclusion of a tenancy.
[1] http://www.propertyreporter.co.uk/landlords/landlords-warned-they-must-prepare-for-longer-tenancies.html