How long are your tenants likely to stay with you?
As a landlord, you may prefer to have a tenant stay with you for as long as possible. Each landlord has their thoughts about this matter, but the work and cost involved with finding new tenants mean retaining tenants makes sense. Also, there is a risk associated with bringing a new tenant into your home, and if you have a high turnover of tenants, you run the risk of installing a bad tenant every time.
Of course, tenants have their ambitions. Many tenants likely intend to move beyond renting. A recent study suggests most tenants believe renting will be a temporary situation. This isn’t always the case, and a lot of people end up renting for longer than anticipated. There is also the fact that some people refer to rent than buy, for a myriad of reasons.
Who is your ideal tenant?
However, if you are looking for a guideline on how long your tenants are likely to stay with you, the following information will be of interest.
Tenants classed as “younger independents”, aged between 18 and 24 years old, intending to stay in a rental property for 2.6 years. They also believe they will move home at least once in this time-frame. Therefore, going by tenant expectations, landlords should expect tenants to move just after a year.
The group classed as “flexible professionals”, aged between 25 and 44 years old with no children, also stated a similar intention. Therefore, this group can also be expected to stay in a rental property for around a year. As a landlord, this is useful information to have, because it allows you to prepare in advance of a tenant moving.
You can find the ideal tenant for your needs
You cannot do everything you need to do to replace a tenant at short notice, but by maintaining the quality of the home and updating adverts and photos, you can minimise the time it takes for you to spring into action.
Landlords looking for tenants who intend to stay for longer may be more interested in reaching out to people aged 45 years or older. This group, classified as “reconciled with renting”, state they expect to rent for close to six years, and that they will only move once or twice in this period.
Each tenant is unique. You may have a tenant who is content to live with you for a considerable period, reducing a lot of the work and stress associated with being a landlord.
If you would like to find a tenant who will remain in your rental property for a lengthy period, there are steps you can take to increase the likelihood of this occurring:
· Vet your tenants and ask them their intentions concerning renting
· Provide a high standard of a home which makes the tenant feel they won’t find anywhere better
· Maintain the standard of property and carry out repairs as and when required
At Beaumont Gibbs, we know the challenges landlords face, and we want to ensure you make an informed decision in the rental market. If you aim to buy, sell, let your home or rent property, get in touch and we will be happy to assist you.