Why longer tenancies may benefit tenants of all ages

Citizens Advice announced last week that it will be stepping up its campaign for longer tenancies[i], in a bid to overhaul the private rented sector.

According to its figures, 39 per cent of people living with their children in rented homes have a tenancy of six months or less, which creates uncertainty. It also found that 34 per cent of private renters would like their tenancy to be longer, rising to almost 40 per cent amongst those with children. Families now make up almost four in ten private rented households.

Discussing the situation, Gillian Guy, chief executive of Citizens Advice, said: “Families are living under a cloud of uncertainty – not knowing when they might need to leave their home. This can make planning for the future, such as where your child can go to school, a real struggle.”

As specialist providers of retirement rental properties for the over 55s we know how important longer term tenancies are to our tenants.

In our latest customer survey carried out in October 2016, we found that 85% of people requested a tenancy of 12 months or more and 71% said that the security of assured tenancies we offer which enable tenants to rent their property for as long as they choose, mattered most to them when making the initial decision to rent.

Like Citizens Advice, we believe that should longer tenancies become more widely available for all sectors of the market – from young professionals, to families and older people – this may remove the uncertainty people face and give them more reassurance and greater security of tenure to plan for the future.

[i] https://www.lettingagenttoday.co.uk/breaking-news/2017/1/citizens-advice-steps-up-campaign-for-longer-private-tenancies

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