Move in right direction
Private rental sector tenants stay in their homes for an average of 4.1 years, according to the latest figures.
The statistic is revealed in the latest English Housing Survey for 2017-2018 from the Ministry of Housing, Communities and Local Government.
This backs up our own experience where we have many longstanding tenants who have remained in the same property for a significant length of time.
In fact, some of our properties are now on their second generation of tenants after they inherited the tenancies from their parents.
Responsible landlords and letting agents with their tenants’ interests at heart will always have a better retention rate than those simply out for a quick return.
With ever-stricter regulations and legislative changes helping to professionalise the industry there is less need for tenants to move around.
A good managing agent will keep abreast of such changes and ensure its properties are top of the list when tenants are looking for their next home.
Once settled, happier tenants will tend to stay longer. This means less expense for them if they move less often as well as lower costs for landlords in terms of refurbishment costs between lettings and voids when a property is empty.