More than half of new UK tenants are requesting flexible short-term contracts
More than half (53 per cent) of tenants, when given the option, are requesting flexible rolling contracts with agreement terms of less than six months, according to national lettings agency Accommodation.co.uk.
The property tech firm's hybrid model lets the agency quickly learn and adapt to national trends and demands across the rental sector. Pre-Covid-19 data showed that the vast majority of tenants were happy with the standard letting contracts but as job security and uncertainty becomes more concerning many are refusing to commit to long term rental agreements.
This new trend comes as the government extends a rule change that means courts will continue not to hear repossession claims by landlords until 20 September. This extension is due to many tenants having struggled with rent during the coronavirus pandemic.
The pandemic has highlighted ongoing historical issues in the rental market and landlords are having to adapt as renters expect more flexibility and access to a variety of different rental options such as build to rent and new builds.
Aaron Short, Founder at Accommodation.co.uk, says: “The future of the lettings market is exciting and if anything, the Covis-19 pandemic has accelerated the modernisation of this sector.
"At Accommodation.co.uk we have been at the forefront of updating this archaic industry and our data shows that the rental market needs to adapt to the 'new normal' ensuring tenants have variety, options and security more than ever."