The average tenancy length is now almost three years, an industry report reveals.
Property consultancy Allsop’s fifth annual Rent Check report states that the average tenancy length is 2.7 years, up from 2.5 years recorded in autumn 2014.
The Average Tenancy is Now Three Years
Allsop conducts the Rent Check, which surveys more than 2,000 landlords, in partnership with BDRC Continental, the UK’s largest independent market research consultancy.
Some of the main findings are:
- 38% of landlords said that tenant demand has risen in the last three months, down 4% on last autumn.
- 26% of respondents expect rent growth in the next six months, down 2% in the same period.
- 14% of landlords bought at least one property in the three months to March, down 1%.
- 29% plan to purchase at least one property in the next year, up 2% on autumn 2014.
- 8% hoping to buy expect to buy a new build property.
- 4% have lowered rents across their portfolio in the past 12 months, down 1%.
The report also uncovered average monthly rents in all UK regions. The highest for a two-bedroom flat in the first quarter (Q1) of 2015 was recorded in London Zones 1-2 at £1,595 per month, an annual increase of £75.
The Rent Check found that the average monthly rent on a three-bedroom house rose in most regions during Q1.
However, declines were recorded in four regions. The greatest were annual decreases of £65 in London Zones 3-6 and £50 in the North East.