Research by the National Landlord Association (NLA) shows that landlords are now offering longer tenancies in a bid to find stable, long term tenants for their properties.
Difficult economic times mean that landlords are looking for ways in which they can maximise their earnings and negate long periods where properties remain empty.
Landlords counting the cost of empty properties
Empty properties can cost landlords large sums of money but by finding tenants that remain in place for several years at a time it is possible to reduce this deficit; doing so means that landlords can enjoy a more consistent income and more improved profits.
According to the research conducted by the NLA, private rented properties now account for 17% of the overall housing market.
54% of tenancies lasted between two and three years while 32% lasted for more than four years and an impressive 12% lasted for five years or more.
Longer tenancies mean lower turnover rates in tenants which is also considered a positive for landlords.
Unfortunately, figures also showed that 49% of the 546 landlords had experienced problems with rent arrears in the past year.
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