More long term tenancies are needed
17 Jun 2020The market of short term lets has rocketed in recent years, to the direct detriment of long term renters.
As the profits in the holiday lets are higher than for the traditional rental market, many landlords have switched to seek higher returns, leaving fewer properties available for longer tenancies. This is bad news for tenants, who are loosing on two counts: it creates a shortage in rental accommodations, which in turn spurs a hike in price, as described in this article.
Unless there is an intervention from the government to regulate the sector, more homes will be lost to the benefit of short term lets, sadly.
At Rent Happily, we have always favoured long contracts, and our average tenancy length is twice as long as the sector average, as explained on our home page. We recognise that for a tenant to feel at home, it is paramount to enjoy the security of long term tenures.
