CPS Homes

Tenancy renewals on the rise

Tenancy renewals are on the rise, shows a study of our recent lettings figures for the calendar years of 2010 and 2011. This trend looks set to continue throughout this year.

At a time when tenants are concerned that the level of supply may not meet their demand, they are keen to stay put. This is an often misguided mindset that is conjured up as a byproduct of negative housing-related news reported in the media. But providing they have paid their rent on time and kept the property in good condition, it’s unlikely they will be asked to move on.

Landlords are also keen to minimise void periods and the loss of income that they bring. So it would appear both tenants and landlords are happier than ever to ‘kill two birds with one stone’ and agree on an extension to the existing tenancy.

Figures from our Cardiff Bay branch show that a total of 136 tenancies were extended for at least six more months at some point in 2011. This peaked at 19 in the month of August alone – compared to 130 in 2010. For a branch that handles in the region of 300 managed units in total, these findings show that an impressive number of tenants are satisfied with the standard of their accommodation and, hopefully, the service that we provide!

12 July 2012

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