Financial incentives could be offered to landlords willing to offer long term tenancies, under plans revealed by the Government today.
In a consultation launched today the Government is proposing a number of options to bring in a three year tenancy model.
It is bringing forward the plans in response to the demand for longer tenancies from the growing numbers of families and older people in the PRS.
The RLA has been calling for the introduction of financial incentives for longer tenancies – with the Government agreeing it “could be quicker to implement” then mandatory three year agreements.
The report cites RLA research on the issue extensively, including that 63 per cent of landlords have said that tax relief would encourage them to offer a longer tenancy.
David Smith, Policy Director for the Residential Landlords Association, said financial incentives would be welcomed, while warning against the dangers of introducing minimum three year tenancies as standard.
He said: “With landlords having faced a barrage of tax increases we believe that smart taxation, such as that being proposed today, would provide the longer term homes to rent many families and older people want.
“We would warn against making it a statutory requirement to introduce three year tenancies.
“Many tenants simply do not want to be tied to a property long term. It is vital that the market is able to provide the flexibility that many need in order to swiftly access new work and educational opportunities.”
To read the consultation document in full click here.