A three year tenancy term with a six month break clause is something that has been introduced in Scotland in recent years. There have been lots of talks in the Government about introducing this into England too, using a similar model that has been working in Scotland.
The three year tenancy with a six month break clause could prove really popular among renters in Peterborough that are looking for longer term security from the rental property. Bit could a three year tenancy with a size month break clause work for landlords in Peterborough? Could it work for you, as a landlord in Peterborough?
The discussion of introducing three year tenancies has come about from Government data. This data reveals that on average, people renting a home will stay in the property for an average of four years. However, this research goes on to show that 81% of rental contracts for homes are assured short-hold tenancies. These short-hold tenancies in Peterborough have a minimum fixes term of just six to twelve months.
Moving towards three years tenancies in Peterborough would result in greater security for renters in Peterborough as well as Peterborough landlords. However it would also result in few renewal fees from the start of the tenancy.
Research and initial reports shows us that 32% of potential landlords would be put off the idea of investing in the buy-to-let property if this was to go ahead. However it seems that the government is keen to continue pressing on ahead with their proposal of giving tenants a minimum three year contract. This contract would enable a Peterborough tenant to be tied into a 3 year contract, but they would still be able to walk away sooner if they so choose.
A three year tenancy in Peterborough can take away a lot of the stress for a landlord in Peterborough, but not if it is a problem tenant.
We would recommend that you partner up with a professional, experienced and trustworthy letting agency in Peterborough that can complete the pre-tenancy checks for you and help ensure that you have a good tenant that will cause minimal issues during their three year tenancy in your property.