Ideal length of lease varies
In this short article we look at the different length of rental leases tenants choose
- 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 aged over 45, the ideal lease length for most is 24 months plus, actual lease length is most often 6 to 12 months (61%). 18 to 44 year olds ideal lease length is 6 to 12 months which 68% of tenants do have.
- Families prefer more stability, perhaps reflecting commitment to local schools and community. 45% of families ideal lease length is 24 months plus, in reality only 23% of families have this.
- Generally, all the other categories prefer a lease length of 12 months or under which most do have. However, 34% of singles and 33% of couples prefer 24 months plus. Source: Dataloft, Property Academy