Tenants Staying Longer
Increasing numbers of tenants are choosing to rent their properties for longer periods because of the credit crunch, according to the UK’s largest independent estate agency, haart.
The lettings division across the UK has seen average rental periods increase from nine months to around 14 months, with tenants staying for longer and opting for security and stability.
Paul Smith, Chief Executive of haart, said: “We have noticed that the number of people terminating their leases has greatly reduced and people are staying where they are.
“Some are concerned about their employment prospects and the squeeze on credit so are plotting a sensible course to keep them on a steady path during the months ahead.”
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 provider, 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.”
Managing Director Andrew Berry added: “We find that many people are
preferring to rent because of lifestyle choice and to protect themselves from the financial uncertainties in the current economic climate. Likewise, Spicerhaart Residential Lettings can offer landlords total peace of mind by offering our comprehensive Rental and Legal Protection Insurance policy to safeguard against changes in their tenant’s circumstances.”
- Contact Information
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.