Each landlord is unique, which means every landlord may look for something different when it comes to tenants. However, the longer a tenant remains in a rental property, the more comfortable life is for landlords. 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 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.
Many tenants don’t stay around for too long
A recent study suggests that people aged between 18 and 24 years old, classed as “younger independents” intend to rent a property for an average of 2.6 years. However, many people within this group will move rental property at least once, so landlords should expect people in this group to move after a year.
For the “flexible professionals” group, which refers to people aged between 25 and 44 years old who don’t have children, similar findings followed. The significant change comes with the “reconciled with renting” group, referring to people aged 45 years and older, who expect to rent for close to six years. This group doesn’t move around a lot, perhaps once or twice over this period, so a landlord could expect this style of tenant to stay around for three to four years.
Some landlords get lucky with tenants
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:
· Vet tenants and find tenants who are looking for a place to settle and stay around
· Be flexible in what you offer – Can you provide additional services that differentiate your rental property from others?
· 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 Oakfield Estate Agents. We’re pleased to say we have helped many local landlords and we look forward to assisting you.
Neil Newstead, FARLA MNAEA MIRPM
Chief Executive Officer, Oakfield Estate Agents