Nuvu Living is believed to be one of Britain’s first private landlords to introduce three-year tenancies. They will be available from next week, (w/c 9 July) for customers looking to move into new PRS developments at Nuvu Birchwood and Nuvu Church Street, both in Warrington. The landlord will also offer the extended tenancies at its new developments Nuvu Amberley Drive in Wythenshawe, Manchester and Nuvu Covent Garden in Stockport.
Paul Warburton, Director of Property Operations at Nuvu Living, part of Your Housing Group, said: “Nuvu Living is proud to introduce three-year tenancies. Our intention with this offer is to provide our customers a greater level of security and stability to allow them to plan over a longer horizon. Three-year tenancies are a step in our aspiration to create life-long tenancies for our customers.
“We believe that renting should not be viewed as solely for those people who cannot afford to buy their own home. Landlords have a responsibility to provide rental solutions that are a positive life style choice and a meaningful alternative to home ownership, from first home to retirement options. As such, a landlord’s service provided to tenants should have safety, security and longevity at its core, to enable renters to make longer term decisions about their home type, location and community.
“This initial step follows active consultation with prospective customers at our Nuvu Birchwood development, where overwhelmingly customers supported the longer-term view.”
The number of people living in the private rented sector has doubled over the past decade. A fifth of all British households – around five million people – rent their homes privately. Eighty percent – approximately four million people – are on contracts of six to twelve months – and a quarter of these renters are believed to be families with children.
Paul added: “Offering longer tenancies enables Nuvu Living to develop a better understanding of our customers’ needs and stronger landlord-tenant relationships. Ultimately, it means we can better support communities to thrive. We are strongly supportive of the Government’s initiative to provide longer term tenancies and will respond to the Government’s consultation process accordingly.”