Typically, a Tameside tenant looks at the rental sector in Tameside for a number of reasons; including affordability, determining area suitability, and perhaps most importantly, flexibility. Catering for all these demands can seem like an ever-lasting juggling act for Tameside landlords.
If that wasn’t enough for them, the seamlessly never-ending assault from the Government with lack of support or general ideology that all landlords are tyrants, make it all the more difficult for honest, genuine Tameside landlords to help prop up the demand for housing in the borough, more so now than ever.
The growing demand for rental properties in Tameside has seen a wealth of demands from prospective tenants to landlords. Keeping tenants happy creates healthy, longer-lasting tenancies which as we know, in turn, minimises void periods and avoids headaches for all parties involved. Working with Tameside tenants (or an effective and communicative Tameside property manager) not only helps to mitigate many risks in renting out a property, but also in establishing the building blocks for making these tenancies long-term.
Any wise Tameside landlord, however, will know that many Tameside tenants do not see the rental sector as a long-term vision. In fact, many view it and use it for the flexibility it offers, the majority of which emerges from the prescribed length of a tenancy. Striking a balance in offering a tenancy that suits both the tenant’s needs, and your financial requirements for the property can be a negotiation in itself.
There is a substantial mismatch between current lease lengths and ideal lease lengths. However, there is more to it than that. Opinions on ideal lease length vary with age and household types.
For renters in Tameside aged over the age of 45, the ideal lease length for most is 24 months plus, whilst the actual lease length is most often 6 to 12 months. For 18 to 44-year-olds, ideal lease lengths are 6 to 12 months, which 68 percent of Tameside tenants do have.
Families on the other hand prefer more stability, perhaps reflecting a commitment to local schools and communities. 45 percent of Tameside families’ ideal lease length is 24 months plus, whereas in reality, only 23 percent of Tameside families have this.
Generally, most other types of tenancies (such as single occupants, younger couples, or those in working professional HMO co-living properties) prefer a tenancy of up to 12 months, however, 34 percent of these types of tenants in Tameside prefer ones spanning well over 24 months.
The implications of coronavirus have somewhat stirred the Tameside tenancy concoction. Stability has become more important to Tameside homeowners and tenants in these challenging times, particularly when employment uncertainty is rife across the nation. Even with an extended furlough scheme in place, the general consensus of Tamesiders is losing trust in the Government to offer the right levels of support for everyone.
The guarantee of stability for Tameside tenants may see Tameside landlords being able to utilise the longer-term leases more often. For landlords accepting the perfect, payment-on-time, hassle-free tenants who treat the property as if it were their own, this is great news. Some landlords, particularly ones who have been bitten in the past, however, may see this as a fixed path to being paired with scrupulous tenants who will be secured into their property with unruly intentions.
My advice to Tameside landlords, whether they be clients of mine or not, is to always read the terrain and adapt to the results. Determining the prospective length of tenancies can preemptively be planned for when making your initial investment, particularly based on where exactly you purchase in Tameside. Buying properties near schools is likely to land you a tenant household of families, looking for the stability and commitment I mentioned earlier. Investments made close to town centres with great commuter transport links may suit better to the expansive requirements of working professionals; landlords should therefore be looking to approach these tenancies with a degree of flexibility.
As always, I’m always more than happy to have a chat regarding your needs when it comes to Tameside property investment, and how I can potentially help make these decisions with you or successfully on your behalf. I’m just a phone a call away; 07709 505 442.