Tenants are now staying in a single property for a record period of 20 months according to research from the Association of Residential Letting Agents (ARLA).

This is an increase from Q1 2012 when the average tenancy period was 19 months, indicating that tenants are starting to take a longer-term view of renting a property.

Ian Potter, Managing Director of ARLA, said: "Our data suggested that tenants are increasingly sitting tight in their property and are either reluctant, or unable to move. This stagnation means fewer and fewer (rental) properties are freed up.

"We know that many tenants renting with our member agents are frustrated first time buyers so it will be interesting to see if the recently announced Government initiatives such as Help to Buy will impact upon these numbers."

ARLA also reported that its 56.9% of its agents are seeing an increase in tenants looking for homes than properties that are available to let.

There has been a sharp drop in the number of lettings agents reporting an increase in properties coming onto the market because ‘they cant be sold’ - from 42% at the end of 2012, down to just 29% this quarter.
back to top

6