The private rental sector is taking deep roots in London. It is a big deal right now. For those, who were dreaming to own a home can look at renting as a more welcoming option in case they are confused about how to afford a home.
The merit of long-term property rentals is that the tenants can enjoy a sense of stability. Often the race for a suitable apartment or house becomes hard due to the competitiveness and high demand in the market. So, any tenant who is happy and financially comfortable must understand that they too have a longer lease in hand.
It has been asserted in a study by the National Landlords Association that half of UK tenancies continue for two to three years. Then the third lasts up to four years or more. So this makes sense for both tenants and landlords
A long term set up also up makes perfect sense for landlords. When there are flats to rent in London, choose tenants carefully as long term lease strikes away the hassles of void periods and helps in escaping the arduous process of finding a new tenant every few months.
A long term tenancy also gives the property owner and tenant to build a sustained communication and trust so that managing of the property is less stressed out.
Renting more enticing
For renters, the pain of having to move on short notice from small term tenancies adds to the stress in life and off puts renting in the first place. Offering long term tenancies, help in garnering more popularity for the property especially for those families that want their children to feel settled in the area.
The one issue property owners can face is–finding a mortgage that allows tenancies to last longer than a year.
Committing to keeping the same tenant for a longer time could hurt the owner, if the tenant starts causing trouble and eviction also becomes hard.
To avoid the above difficulties, and still be safe from void periods, you can be a guaranteed rent provider who can offer lengthy contracts.
Sites like Guarantee My Rent offer contracts for clients up to five years. This means the rent is paid in advance, every month. There is no need to worry about difficulties with the tenants either as they can deal with any dilemma.