The team at Quealy & Co in Sittingbourne have discovered that the average length for an initial rental contract in Q2 2023 was 12.7 months, up from 10.5 during the same period in 2019. Renters are planning to stay for longer, in part due to low levels of stock and rising rents in the open market.
Renters are looking to remain in their properties for the longest amount of time in London, where competition between renters is extremely tight, followed by the South East of England.
We are finding the jump between what renters might be paying at the moment and what the current market rent might be has become unaffordable for many renters causing them to stay in their current property.
One of the most significant proposals in the Renters (Reform) Bill is the end of fixed term Assured Shorthold Tenancies (ASTs). Renter contracts are set to be open ended, allowing more flexibility for renters.
Free advice for landlords
If you need marketing advice as a landlord, get in touch with the Lettings and Property Management team at Quealy & Co. We can advise you on how to achieve the best possible price for your rental property, while helping you to maintain compliance and keep your tenants comfortable.
Source: #Dataloft Rental Market Analytics. Data to end of Q2 2023
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