Statistics from the Association of Residential Letting Agents (ARLA) suggest that tenants are staying in their rental properties for a longer period of time.
The average length of a tenancy is now at an all-time high of 20 months. This is, according to the ARLA, due to the lack of rental properties available. 58% of ARLA letting agents said that there are more tenants looking to rent than there are properties available.
Managing Director of ARLA, Ian Potter said: “The private rented sector is clearly picking up the slack resulting from a flat housing market and the ongoing lack of mortgage finance.
“As tenants stay in properties for longer, the importance of regulation in the sector becomes even more pressing.”