Whether a matter of choice or necessity, many private renters demand long-term security and the vast majority of private landlords are more than willing to meet their needs.
According to the government’s English Housing Survey for 2018-19, the average length that a private tenant lived in their current rental property was 4.4 years, up from 4.1 years in 2017-18.
The data shows that private renters are enjoying greater security in their homes than at any time over the last decade, which is an indication that the market is responding by ensuring tenants remain in properties for longer periods of time, enabling them to establish roots in a community.
However, many people also appreciate the freedom and flexibility that renting offers, and in the current climate of uncertainty around COVID-19, flexibility will be key to many tenants, according to Elisabeth Kohlbach, CEO of tech-first real estate investment company Skwire.
She said: “For residential and commercial landlords alike, long-term fixed contracts will prove less attractive to tenants, who are more likely to adopt a wait-and-see approach while the health situation continues.”
As we become increasingly accustomed to working from home, Kohlbach expects to see an enduring demand for flexibility and workspaces that cater for an agile workforce, and residential landlords will have to be flexible as a consequence.
She added: “From a residential perspective, landlords will have to adopt a similar degree of flexibility to survive.
“In times of uncertainty, tenants will seek out rental options that enable them to react quickly to changing circumstances and will avoid being locked into long term contracts.
“Landlords adjusting to this demand for flexibility now may well find themselves ahead of the curve in years to come.”