We've come across a couple of interesting stories on the rental market today: Shelter are asking for new, long-term rental contracts to be created in England. The objecive of those contracts would be to offer tenants stability in their (temporary) home.
These contracts would be valid for a period of five years, and Shelter's request comes on the back of research by Jones Lang showing that this 'Stable Rental Contract' could create better returns for landlords. However, according to this story there are no opinions from lenders yet.
However, Shelter's suggestion has been thrown out in a survey of flatsharers conducted by website Spareroom. Out of 1,000 users surveyed a whopping 82% said they are against extended contracts, fearing being tied in for longer and having less flexibility to move and change location. Tenants also feared landlords being more 'choosy' when it comes to selecting potential tenants in the long term.
At Cullen Property we believe both long and short term contracts have benefits for both tenants and landlords, depending on the individual's situation. Most students are keen to rent for the period of one academic year at a time as their plans may change, including study abroad years, changing course or taking time out.
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