Landlords wanting long term lets ? Think Long Term Guaranteed Rent contracts !
Eight out of 10 renters want tenancies of a year or less, 40,000-strong survey by The Deposit Protection Service (DPS) suggests.
39,855 tenants whose deposits are protected by The DPS’ responded to the survey, with 80% saying that they preferred agreements that lasted no longer than 12 months.
Almost 90% said that they preferred agreements that lasted up to two years, with 34.60% of the total saying they wanted contracts for six months or less.
Julian Foster, DPS managing director, said: “This comprehensive survey suggests that the idea that tenants crave longer tenancies is a myth.
“Like landlords, many tenants prefer the flexibility provided by shorter tenancy agreements rather than being locked into long commitments over where they live and who they rent from.
“Tenancy agreements are vital ingredients in establishing happy tenancies for both landlords and tenants, and it’s critical that they reflect the needs of both parties.”
Almost seven out of 10 tenants said that they preferred a rolling contract of one or two months’ notice at the end of their tenancy rather than a new fixed-term contract, which was preferred by 28%.
Tony, 48, from Bolton, told The DPS: “I’m currently working on a short-term contract, so a shorter tenancy works far better for me. The nature of my work means I move around so I don’t want to be trapped somewhere or risk paying large sums for no good reason.”
Mitchell, 25, a chef in Weston-Super-Mare, said: “I prefer short term contracts as they don’t tie you down to one property.”
Mary, a 74-year-old retiree from Wiltshire, said: “I preferred a shorter-term agreement because my husband and I were in between properties. We didn’t want to be tied down and, if we wanted to stay longer, we could always go ‘periodic’ at the end.”
George, 25, in Lancaster, said: “I’m a student so I need flexibility over where I live.”
Central Housing Group’s Guaranteed Rent Scheme provides landlords with a guaranteed monthly rental income for up to 5 years. Our ‘Guaranteed Rent’ Scheme protects landlords by paying them an agreed monthly Guaranteed Rent for the duration of the term of their contract regardless of whether their property is occupied or not. In contrast to the issues highlighted in this article, our landlords do not incur any rent loss at all during void periods, when their properties are let on our Guaranteed Rent Scheme.
Landlords – please carefully consider the risks you run by choosing to let your property privately when, instead, you can let your property on our ‘Guaranteed Rent’ Scheme and protect yourself from any rental loss exposure.
As a fully contracted supplier to many of our Council clients, our accounts are audited annually and are subject to regular and close scrutiny by our Council clients – landlords can therefore have complete confidence in our ability to ensure they will receive their agreed rent on a Guaranteed basis for the duration of the term of their contract with us.
If you are interested in finding our more about our ‘Guaranteed Rent’ Scheme, currently operating in north, east & west London, please call us today on 020 8447 1222.
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