Rising rents seem to be resulting in tenants staying at their current properties for longer, research from The Deposit Protection Service has found.
The average tenancy now lasts 924 days, or just over two and a half years compared with 706 days or just under two years during 2020.
Matt Trevett, managing director at The DPS said: “Average tenancy lengths started increasing during the pandemic as a result of government restrictions on moving and, despite the lifting of all restrictions in February 2022, average tenancy lengths have continued to rise.
“Responses to our regular tenant surveys suggest that the combination of competition for new rentals, high rents and other financial issues, as well as tenants acquiring a ‘lockdown pet’ are contributing to renters typically staying for longer in a property.
“Longer tenancies can also increase the likelihood of wear and tear and maintenance issues associated with a rental property; we’d therefore encourage landlords and tenants to keep an open dialogue throughout to ensure concerns are dealt with in good time as well as help avoid any dispute over return of a deposit at the end of a tenancy due to the property’s condition.”
Two thirds (64%) of movers questioned during September said they made financial sacrifices to meet their new rental arrangements.