Every landlord has their own expectations and may look for something different when it comes to tenants. However, all landlords agree that the longer a tenant remains in their rental property, the more comfortable life is for them. After all, if you have a good tenant who cares for your home and who pays on time and in full each month, you will be in no hurry to lose them.
When a tenant leaves, there is a lot of work (and cost) for landlords to undertake. The property has to be cleaned, you need to list the property, and you need to vet new tenants. There is always a risk your new tenant will not be as suitable as previous tenants, and there is a great deal of uncertainty for landlords when it comes to new tenants.
How long do tenants stay?
How long is a piece of string? In truth, it is very difficult to predict how long tenant/s will stay in a property. It depends on many factors. Research has consistently shown that there is a link between length of tenancy and age group. On average, tenants in the 18-24 years old group tend not to stay as long as other age groups. This is mainly due to the fact that people in this age group:
- often view renting as a short term option until they are able buy their own place;
- are flexible when it comes to work and moving.
Generally speaking, the older the tenant the more likely they are to stay longer. On average tenants in the 18-24 age group stay for around 12-18 months whereas tenants in the 25-44 age group stay for around 2-3 years and tenants over 45 years old typically stay more than 3 years.
How to keep tenants for longer?
These figures are an average, and every tenant has their thoughts. As a landlord, you may be lucky and find a tenant who is happy to stay around. Not every tenant wants to own property or likes to move around. Of course, if you offer a high standard of rental service, you can increase the likelihood of a tenant staying in your property for longer.
If you offer an affordable and reliable service, many tenants will be happy to stay. While landlords have concerns about finding new tenants who don’t meet their expectations, many tenants will have similar concerns about new landlords or new rental accommodation. When people are happy with the status quo, there is no need to make changes unless something unexpected occurs, and landlords can benefit by providing a dependable home life for tenants.
Some quick tips for landlords who are looking for tenants who will remain in position for a lengthy period include:
- Use a professional letting agent who is able to properly vet tenants and find tenants who are looking for a place to settle and stay around
- Communicate effectively with the tenants on a regular basis and respond to an queries on a timely basis
- Maintain the property – It is one thing to make people feel at home when they move in, but some rental properties lose their sheen or sparkle before too long. If you maintain the standard of rental property, tenants will be happy to stay at your premises.
If you’re a landlord looking for assistance in appealing to tenants and making your life easier, call on Daisy IPS. We’re pleased to say we have helped many landlords and we look forward to assisting you.