I keep on reading - mainly comments from politicians - that most tenants want long term tenancies - say 3, 4 or 5 years. If you are a tenant out there, would you have signed up for a 5-year tenancy? I suspect not!
Here at Martin & Co, we let just over 150 properties in and around Tonbridge in 2016 and, of those I don't recall too many applicants asking for more than a 12-month tenancy.
In fact, a lot ask for a break clause so that they have the option to leave early if they need to. Why? Because a considerable number of applicants are saving up to buy, or a purchase may be imminent. Others don t want to be tied down - they want the flexibility to move jobs, or to upsize if circumstances change.
Recent research by insurer AXA, has found that nationally 61% of tenants say they are happier to rent for a up to a year, while only 18% prefer a 5 - 10-year tenancy term. Clearly this is not a trend restricted to Tonbridge. So why the clamour for long term tenancies?
Policy makers - please check the facts first before forcing more change onto the Lettings Market.
Come and Ask Martin!