More Flexible Approach to Longer Tenancies
The Government has recently launched a consultation on three-year tenancies in the Private Rented Sector (PRS), which closes on 26 August.
The consultation seeks views on how a longer tenancy model could be implemented. The Government is also looking at whether to mandate the proposed longer-term model as the ‘default’ option, with the opportunity to opt for a shorter term let if requested by the tenant.
Alternatively, the Government say that financial incentives to landlords could also be explored to encourage longer term tenancies.
They also suggest that exemptions could be put in place for such tenancies that could not realistically last for three years.
The devil will be in the detail and it will be very interesting to see their initial findings.