Renters Planning to Stay Longer
The average length for an initial rental contract in Q2 2023 was 12.7 months, up from 10.5 during the same period in 2019. Renters are planning to stay for longer, in part due to low levels of stock and rising rents in the open market.
Renters are looking to remain in their properties for the longest amount of time in London, where competition between renters is extremely tight.
One of the most significant proposals in the Renters (Reform) Bill is the end of fixed term Assured Shorthold Tenancies (ASTs). Renter contracts are set to be open ended, allowing more flexibility for renters. Source: #Dataloft Rental Market Analytics. Data to end of Q2 2023