The length of time a person commits to living in a rental depends on the type of tenant you have living in your property. Shorter term tenancies can bring a range of benefits to those looking to rent temporarily. Property developer Tim Manning recommends considering tenants that best suit time spans that you desire.
Often times these agreements are most popular with younger groups, students and the like whose living situation changes frequently and are unable to commit to long term agreements.
On the other hand there are tenants that wish to make a home out of your rental. Generally speaking they’ll be more inclined to commit to long-term tenancies, because it allows them the chance to settle down in a neighbourhood.
Becoming acclimated to a living space is much more attractive to families or young couples. These groups are less likely to consider shorter term tenancies than singles, flat situations and students.
The real issue to consider here is whether you as a landlord really want a longer term tenancy. While these may have benefits for owners; reducing time taken and money spent in finding regular new occupants, they can also reduce flexibility.
As homeowners know, as a landlord you have a lot of legal obligations towards your tenants. The sheer amount of time spent in a place increases the chance that problems may arise. These problems are issues that you will have to deal with.
When tenants move out of a property after shorter terms it gives you a chance to check up on the property, perform an inspection and follow up with any repairs that need doing. This reduces the chance of longer term issues arising.
Homes require maintenance over time, that’s the bottom line. However, if a place is occupied for a long period of time it’s going to wear things out faster. You will have to provide solutions to any problems that come up.
On the other hand with long term tenancies, occupants are more likely to take better care of their rental. They’ll be more inclined to fix things on their own, keep things looking nice and forge a better relationship with you as a landlord.
Overall it’s a good idea to consider how your situation fits with the tenancy agreement you’re going with. Consult with your tenants about how lengths of staying and their situation too. Transparency allows you to explore suitable positions and further a good working tenancy relationship.