This week our research team have been looking at how long a typical tenancy lasts. At JDG we look after and manage almost 300 properties across Lancaster, Morecambe and spreading out through Lune the valley into Kirkby Lonsdale through our sister company Chamberlain Properties.
They came back with some really interesting data. To begin with, most tenants will sign up for either a 6 month or 12-month tenancy agreement. 6 months is the minimum most letting agents will offer. Younger tenants (aged up to 19 ) tend to leave after their initial tenancy expires – there are all sorts of reasons, but mainly they find the cost of living and living with someone else for the first time daunting or others simply move to other areas as they discover their first taste of freedom away from the family home.
As they get older, the length of tenancy gradually gets longer – those aged 20-29 tend to stop on average for 13 months. Many of these will move on with work opportunities or go on to buy their first home.
As you can see, the average length that a tenant will stop is 18 months. This increases with age. Somebody in their 40’s will stop twice as long as someone in their 20’s. Find a tenant in their 60’s plus and they’ll stop even longer!
This is why at JDG we like to find the best tenant for you. If you are a long term landlord, we will look for a tenant that is likely to want to stop longer. However, if you are thinking of selling your rental property in the next 6-12 months, we will look for someone who is wanting a shorter term – eg maybe someone slightly younger who has a fixed-term contract at the university or hospital.
At JDG we want you to have the best tenant, hence we find out more about our tenants, their needs and circumstances. Then we will discuss the options with you, finding you the perfect fit. It is all part of the JDG service!
Are you thinking of investing in property? If so we would love to chat with you. Call us on 01524 843322 and ask to speak with Josh. Or email me at josh@jdg.co.uk
Thanks for reading
Josh