Knight Frank’s London Residential Review (Autumn 2009) , highlights that today’s average London tenant signs for less than a year – standing at 11.5 months.
In response to the figures, upad, the UK’s marketplace for property rental, is encouraging landlords to 'think outside the box' in their bid to attract and retain tenants.
The report cites numerous reasons for the shift, but upad founder and CEO, James Davis, believes it is possible for landlords to reverse the trend, provided they are willing to 'go the extra mile'.
He comments: “Renting is a lifestyle choice, and people choose to do it because they want the flexibility. Your tenants are usually in a transitional period of their lives, and looking to move on at some stage soon.
When you become a landlord, your primary aim is to make sure the property is occupied, and for as long as possible. Good landlords should have no problem securing above average tenancy agreements but may need to look at novel ways of encouraging tenants to stay put.
Offer to decrease the rental charges, redecorate the property, or install a dishwasher. You could even offer to pay for a weekend away, if tenants agree to renew. Each of these options make good business sense in the long-run, and would help to engender a good landlord/tenant relationship. What you need to remember is that the cost of these items would be easily offset against a long void period – something no one can afford in the current climate.
Davis continues: “I’d always advise that landlords monitor the competition on the property portals, and ensure their property remains as competitive as possible.”
