Monday, 15 December 2008

Tenants staying longer

We have noticed at haart lettings that Increasing numbers of tenants are choosing to rent their properties for longer periods because of the credit crunch.

We have seen average rental periods increase from nine months to around 14 months, with tenants staying for longer and opting for security and stability.

The number of people terminating their leases has greatly reduced as people are staying where they are, no doubt concerned about their employment prospects and the squeeze on credit.

Many would-be first-time buyers are opting to rent, even though property prices have come down significantly, preferring to see what happens to the market during the coming months.

As an experienced lettings agent, we are able to give plenty of help and advice to people choosing to rent, particularly if it is their first time. It is important they choose an agent like ours which is a member of the Association of Residential Lettings Agents, ARLA, to give them the peace of mind they require.

At the same time, we need to ensure that landlords’ rights are also protected, and while they are benefiting from having tenants stay for longer periods, we are also advising landlords they should include a break clause in case their tenants’ personal circumstances do change.

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