Long-term tenants? Tidy? In reliable work? Once again, it would totally depend on the area you’re in, the type of property you let out and your long term investment strategy but, on the whole, there are at least a few things which are universally recognised as ‘top’ traits in tenants in the Private Rented Sector (PRS).
Interestingly, however, according to a new poll of landlords 42% rank trustworthiness as the most important quality in a tenant. The survey, conducted by Your Move, also found some very surprising results such as only 26% of landlords rank paying the rent on time as their top priority in a tenant.
In recent years, given the huge rise in demand in PRS, there are then many more tenants entering into the market as brand new customers, meaning they’re often not accustomed to the market and the do’s and don’ts of renting which this can often cause problems.
Issues arising from untrustworthy or unreliable tenants is one of the most pressing issues facing landlords according to the new data. Such is the problem that almost half of landlords surveyed admitted that it’s an important factor. Issues such as sneaking pets into properties, not keeping the property in a good state of repair, sub-letting and other problems have meant that having trustworthy, long term tenants has become more important than ever.
This can also be seen as something of a positive for tenants who, whilst competition has increased, can be confident that through good practice and trustworthiness, are almost guaranteed a happy and lengthy tenancy with their landlord.
Martyn Alderton of Your Move said the survey: “Should highlight that landlords often share the same values and expectations as tenants. Both parties appear to prefer peace of mind with landlords expecting tenants to look after their property and, in turn, tenants expecting their landlord to provide a good quality home for them in return for the payment of a reasonable rent.”
With that in mind, it should be reassuring for landlords that as yields continue to grow and rents continue on an upward trajectory that the industry as a whole is looking to concentrate on and nurture good long term relationships between tenants and landlords so that long term relationships can grow and considerate practice can become the norm.
As the public and private sector struggle more than ever to build the new affordable housing required to get more people on the property ladder there is little to no chance that demand for PRS won’t continue to grow over the next few years. Such an evolution of relationships can only be considered a good thing.