industry news
Landlords advised to prepare for longer tenancies with better admin
Landlords and property managers should prepare for longer tenancies by improving their paperwork, keeping better records and ensuring tenants have copies of important documents like inventories of fixtures and fittings. Drawing attention to the average private
tenancy has lengthened from three and a half years to four years, the Association of Independent Inventory Clerks (AIIC) says the longer time period makes it worthwhile investing in better administration. The English Housing Survey also found that
almost half of all 25-34 year-olds now live in the private rented sector compared to just a quarter
“Almost half of all 25-34 year-olds now live in the private rented sector compared to just a quarter of this age group in 2004-05”
of this age group back in 2004-05. Patricia Barber, chair of the AIIC, said: “Despite
reports suggesting the average tenant doesn't want a long-term contract, the official statistics show average tenancy lengths are increasing, particularly among families, as people rent for longer.”
Better records
The AIIC say the figures should encourage landlords to think harder about what will make their rental property feel more like a home and what can be done to keep tenants in their property for longer. Barber also stated that longer-term renting
highlights the importance of landlords being organised and on top of their administrative duties to reduce the chances of confusion and disagreement later on. “The longer time goes on, the more likely landlords and tenants are to forget details from
the tenancy agreement or other important information and that's why stringent administration, including keeping copies of everything and organising it accordingly is so important.”
Detailed inventories
The AIIC reminds landlords of the need for evidence and records, especially for longer tenancies, and that this demonstrates the value of a thorough and professionally prepared inventory carried out at the start of the tenancy. “A detailed inventory helps landlords and
tenants to determine how the property's condition has changed over the course of the tenancy, what can be deemed ‘fair wear and tear’ and what needs to be replaced and deducted from the tenant's deposit.”Should a dispute arise at the end of a tenancy, the AIIC maintains a detailed inventory, which has been signed and agreed by the tenant, is the most important piece of evidence available to a landlord or letting agent. This can be supplemented by copies of digital photographs showing the original condition of furniture, appliances and decorations.
Younger families being priced out of private rentals S
oaring rents are making having children financially prohibitive for young couples in southern England and beyond. Having a child while living in rental
accommodation has become unaffordable for young families in two-thirds of the UK, research from The Guardian newspaper and Generation Rent revealed. Birmingham, Edinburgh, Bristol and all of
south-east England rank among areas where young couples could be financially hindered from having children because they are paying too big a share of their income to their landlord. Using the average regional full-time wage for workers in their 20s and 30s and the cost of
“Having a child while living in rental accommodation has become unaffordable for young families”
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privately renting a two-bed home in the area, the Guardian study found that young couples would have to spend more than 30 per cent of one full-time earner’s wage to keep a roof over their head in 66 per cent of the country.
Affordable places
The only areas that remain affordable for tenants to start a family are in the north-west, north-east and Yorkshire and the Humber. Northern Ireland and Wales also ranked as affordable when measured against the average income for all age groups. Not surprisingly the most inaccessible place
for those wanting to start a family was London, with a two-bedroom rental there costing 60 per cent of the average income for someone in their 20s and 44 per cent for someone in their 30s. This was followed by the south-east, south-west and the east. “Not only do young adults face renting for a
longer period at a higher cost than their parents, and may never actually buy a home, they are less likely to start a family – a prospect that ought to terrify older generations and policymakers alike” said Betsy Dillner, director of Generation Rent. Responding to the findings, Richard Lambert
from the National Landlords Association said “The cost of housing is high for everyone at the moment, whether you rent or have a mortgage, so frustration about affordability is understandable. However, rents alone are not to blame. They have risen broadly in line with inflation over the past decade.” He added that the long-term solution lay in
building more homes, particularly in the social sector. “Instead the government is preoccupied with championing home ownership, leaving those genuinely in need of affordable rented housing left clinging to tired political rhetoric like rent controls,” he said.
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10 | HMM May 2016 |
www.housingmmonline.co.uk
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