This blog content is sponsored by Hunters estate and lettings agents South East London for exclusive use of Smart Inventory.

Landlords: How Long Will Your Tenant Stay In Your Property?

Many landlords like to plan for the future, but it is challenging to do this when you are reliant on tenants. When you don’t know how long a tenant intends to stay in your property, it can be challenging to make plans or know for sure what will happen in months or years to come.

Each landlord is unique, but it is easy to see why many letting industry professionals prefer a tenant to stay with them for a long time. When a tenant moves out, landlords have a lot of work to do, and they incur a lot of costs. There is also the fact that when a tenant moves out, there is no guarantee a new tenant will move in, leaving landlords facing uncertainty as to whether they will receive a rental income.

Know which groups are likely to rent from you and for how long

A recent study outlined the renting intentions of various demographics. While these intentions don’t always come true, many people end up renting for longer than they expect they would, it is a good starting point for landlords.

The younger independents group, people aged between 18 and 24 years old, intending to rent for 2.6 years. This group believes they will move rental home at least once in this period, so landlords should expect tenants to stay for just over a year, based on the tenant expectations.

A similar response has been detailed in the intentions of the flexible professionals, people aged between 25 and 44 years old who don’t have any children. If you are a landlord looking to find a group of people most likely to stay with you, people aged over 45 years old are the best option. This group is classed as the reconciled with renting group, and they intend to rent for up to six years. They only expect to move once or twice in this period, so there is more longevity for landlords with these tenants.

You can find tenants willing to rent for longer

Of course, landlords will often find tenants will stay for longer than they expect or predict. Many tenants believe they will be able to buy a property soon, but the challenges of the rental market often limit what people can afford. The flexibility associated with renting is suitable for many people, and it is easy to see why some people rent for longer than they intend.

If you are keen to find tenants who will stay with you for longer, there are steps you can take. During the vetting process, speak with prospective tenants and ask them what their aims are concerning renting. If tenants indicate a willingness to settle down and stay around for many years, they may be a better option than a tenant who admits this will be a short-term stay.

Landlords should also commit to maintaining the standard of their rental home. If a tenant appreciates the house, they don’t need to go anywhere else. Therefore, this will encourage them to stay where they are as opposed to looking for other options, which is of benefit to the landlord.

At Smart Inventory, we know every landlord is unique, but there is a lot to be said for calling on the experts for help.

If you are a landlord looking for assistance, check out the range of services provided by Hunters estate and lettings agents. They operate in Forest Hill, New Cross, Peckham, Dulwich and Brockley as well as the surrounding towns. They have been awarded one of the Top Three Letting and Estate Agent offices in London for several years running and have many other customer focussed awards, so contact them for support.

Hunters South East London – 0203 0024089

brockley@hunters.com

Foresthill@hunters.com

dulwich@hunters.com

newcross@hunters.com

peckham@hunters.com

lewisham@hunters.com

Website – Hunters estate agents South East London

This blog content is sponsored by Hunters estate and lettings agents South East London for exclusive use of Smart Inventory.