New research carried out by insurer Direct Line for Business revealed that, on average, buy-to-let properties in Cardiff are empty for a full fortnight every 18 months due to changes in tenancy – costing landlords an estimated £465 in loss of rental income.
Having reviewed the last 1,000 tenancies we’ve created – spanning a period of two and a half years – we’ve found that our properties average 362 days occupation each year, meaning our landlords benefit from near-full rent all-year-round.
In fact, if it wasn’t for the cleaning and repairs involved in the change of tenants, we’re confident our properties would be tenanted 365 days of the year!
The findings went on to show that the average tenancy length in Cardiff is 11 months – less than any other major city in the UK – with an estimated 5% of renters vacating prior to the end of their tenancy.
Nick Breton, head of Direct Line for Business, said: “This research highlights the pressure landlords are under to replace outgoing tenants in their properties.”
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