Long void periods can be a real concern to landlords, especially
those with only one or two properties. No tenant means no rental
income, so in an ideal world, most landlords prefer a long-term
tenant who pays their rent on time.
Strong demand for rental properties
Figures released from the National landlords association (NLA)
indicate that void periods are now at an all-time low. Only 33% of
landlords have had void periods in their properties during the last 3
months, a reduction of 13% on the same period from the previous year.
This is largely due to consistently strong demand for rental homes, a
situation that is unlikely to change any time soon.
What is the average void period?
Figures indicate that private rented homes are empty on average for
60 days, which is 9% lower than the same period last year. The last
time figures were this low was back in 2010, which is good news for
landlords.
How to avoid void periods
Given that demand is so high, unless your properties are very
unappealing or you are overpricing them, you shouldn’t have too many
problems finding new tenants. However, it makes sense to do
everything you can to find new tenants quickly once the old ones have
vacated the property and essential maintenance work has been carried
out. And even if your tenants have not mentioned any plans to move
on, ask them to keep you in the loop so you can prepare for when the
property does become empty.
