Private landlords providing longer tenancies as home ownership dwindles
Published by Max Salsbury for 24dash.com in Housing and also in Finance
Landlords providing longer tenancies as home ownership dwindles
Private landlords are providing more stable long-term tenancies as interest in home ownership dwindles, new research suggests.
The findings by the National Landlords Association (NLA) shows that 54% of tenancies now last between two and three years, whilst 32% last over four years. 12% go on for over five years.
The NLA also discovered that 49% of the 546 landlords it surveyed had had problems with rent arrears in the last 12 months, and 37% were concerned about future problems with arrears.
David Salusbury, Chairman of the NLA, said: “Longer tenancies and a lower turnover rate are both signs of much-needed stability for both landlords and tenants in tough economic conditions.
“Private landlords are a key part of the investment mix required to meet the rising need for more flexible forms of housing at a time when demand for rented accommodation far outstrips supply.
“We recognise that the private-rented sector is evolving and it now accounts for 17 per cent of the UK’s housing stock. That’s why this year’s NLA National Conference seeks to educate landlords about their responsibilities, while focusing on the challenge of housing the changing needs of the population.”