I think that tenancy lengths are increasing for a combination of reasons. Rental prices have gone up so people are more cautious about moving – from an affordability point of view a lot of tenants can’t afford to do it. Some tenants will be saving for deposits, which of course takes longer now. For many tenants, renting is a lifestyle choice. They can afford to rent a property that they could not afford to buy.
The recession has also brought with it a shift in attitude towards owning property and how important that is.
All of this is good news for Landlords.
In addition to reduced void periods, there will typically be reduced wear and tear during ‘move ins’ and ‘move outs’,. Long term tenants are also more likely to make it their home and treat it accordingly.
Although property prices are going up, there are still some good investments out there. A 3 BR semi on Tara Crescent for £84,950 would typically rent for £550/m*, giving a yield of 7.8%. A 2BR terrace on East ST, offered at £79,950, would rent for £475/m*, for a yield of just over 7%.
If you have already done a search for a property, or are trying to figure out where to start, we’re happy to advise on properties before you buy, whether you are a Belvoir landlord or not.
For more information, please contact us or visit one of our offices.
Belvoir Bangor – 028 91 477 999
Belvoir Newtownards – 028 91 821 999