Lorna White, Senior Associate, considers recent data from various sources which indicates that tenants are looking to commit to longer initial contracts and the impact of sustained demand on void periods.
We are finding the rental market to continue to be strong with void periods plunging to just nine days in July, down from 16 days in June (Goodlord). Rental properties are still in high demand and tenants are eager to move when the property is available, rather than when they are ready to move to secure the tenancy, this has been a trend from the COVID boom and doesn’t look like it is going to change any time soon which is great for Landlord’s wishing to get their properties to relet quickly.
Renters are looking to remain in their properties longer, with the average length for an initial rental contract in Q2 at 12.7 months, up from 10.5 in the second quarter of 2019 (Dataloft Rental Market Analytics)
"Regionally from our own experience, we have always found tenants staying in properties for longer than the national average, with the lack of rentals coming onto the market this is more noticeable however a shift from a six month initial fixed term tenancy to twelve month tenancies was identified before the current rental market crisis which has only helped landlord’s keep good tenants and have less voids and relets" commented Lorna.
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