Category: Landlords insurance
Tenants are staying in rental properties longer than ever before, according to new research.
Data from the Association of Residential Lettings Agent (ARLA) shows that renters are now spending an average of 19.3 months in their homes.
This represents an increase of 17 per cent from the 16.5 months observed in 2009, the firm reveals.
The fall in moves is linked to a general decrease in activity associated with periods of economic hardship, according to the Tenancy Deposit Scheme.
In light of this, ARLA insists it is vital to ensure that both tenants and landlords set out a comprehensive inventory before finalising any contract.
This means clarifying furnishings and white goods items that are the part of the property and may be covered under landlords' insurance, and which are fully the tenant's responsibility.
ARLA operations manager Ian Potter suggests people staying put longer than they would normally in a rented property will "inevitably" lead to greater wear and tear in rented properties.
It will also give landlords less "downtime" in which to make improvements to the residence.
"Landlords and tenants alike should remember that disputes over deposit returns can be one of the biggest headaches facing both parties, but these can be easily avoided if a professional inventory is prepared," Mr Potter added.
Inventories should make note of not only what items are included with the property, but the condition in which they are in. Mr Potter adds that evaluation of the conditions of items should extend to the fixtures and fittings, including carpets and curtains.
"Landlords and tenants often share the costs involved in preparing the inventory; these costs should be seen as a necessary investment that helps protect them both, but should be made clear at the outset of any agreement," the expert concluded.
Get a specialist business insurance quote from Swinton Commercial.