We’ve been looking at rental void periods recently – the time from which a property becomes vacant, to the time new tenants move in. We’ve found that letting agents fill 63% of their vacant properties within two weeks. But only 38% of properties marketed by landlords can claim the same. We looked at void periods from across 597,753 deposits over the last 2 years and there are huge regional differences; two of the ten worst areas for empty properties were in Lancashire. The South didn’t escape completely though with areas in Surrey, Essex and Hampshire amongst the worst. It was surprising to see that in some areas, 50% of rental properties have been empty for more than three months! That’s a huge loss of income for the landlord; in fact online letting agents Upad estimate that over £3 billion is lost to the voids each year.
At the moment, demand for rental property far exceeds supply so landlords have the ideal opportunity to make sure they maximise their income. Most landlords market their properties really well but our research shows that there is more they can learn to help decrease void periods.
Upad have devised some helpful tips for reducing void periods called Avoid the Voids. Tips include:
- Be seen; use the internet to ensure your properties are as visible as possible
- Advertise with photos; tenants want to see what they are going to get
- Advertise as soon as your tenants leave the property
- Know and exploit the unique selling point of your property
- Keep your rent reasonable
How do you keep your void periods short? Share your top tips with us here, or on Twitter (@The_DPS).