Tenants are generally becoming more short-term in their outlook, with the nationwide average assured shorthold tenancy lasting just 18 months. The research from landlord insurance provider Direct Line for Business has raised a few eyebrows, as previous studies from just a couple of years ago showed that the average tenancy length had risen to almost 3 years.
Birmingham was found to have the lowest recorded rate of tenant turnover, with renters staying put for an average of two years and four months. London and Leicester followed behind, averaging one year and nine months, and one year and eight months respectively.
On the other end of the spectrum, Cardiff has the highest turnover of tenants, with rented property lasting each tenant just 11 months. Leeds was found to be right up there, with the average tenancy lasting 12 months.
In March 2015, a study by Paragon Mortgages found that void periods had dropped to a 13-year low of 2.4 weeks (17 days). But despite very strong tenant demand, the research from Direct Line claims that the average void period now stands at 22 days, suggesting that landlords have not yet adapted to the quickened pace of the rental market.
Additionally, some tenants don’t even remain in a property for the duration of a tenancy, with 9% moving out before the end of the contract. In Leeds, 13% of tenants move on before the tenancy agreement ends.