By Rhys Owen, our Senior Property Investment & Market Advisor.
Void periods are a landlord's worst nightmare. Any time a property is unoccupied, it delivers no income, yet still generates running and finance costs.
The cost is on the up, too. Last year, landlords were out of pocket by an average of £528 because of void periods, compared to £407 two years ago. Whether that's a month or half-a-month’s rent to you, it’s still a sizeable sum.
Two factors; rents are higher – so the loss per day is more – and tenants have a greater choice than ever before.
Absolutely, but if you're a current client of ours, you probably haven’t noticed many!
The average UK empty period now stands at four weeks per year and 38% of landlords experienced a tenantless property in Q4 of 2018.
But as a result of our huge marketing exposure in and around Cardiff and our unique way of handling tenancies due to come to an end, our average void period is just three days per year.
With average void periods costing an average of 4.9% of gross annual rental income, it usually makes financial sense for landlords to compromise on rents to reduce turnover and keep good-quality tenants for longer.
Our dedicated Maintenance & Inspections Team always have a close eye on keeping properties in tip-top condition, which we find encourages tenants to stay longer. Worst case scenario and they need to move on, then it’s looking at its best for new tenants. After all, first impressions count.
We offer just that. Your rent paid on time every month – guaranteed. We become your tenant and we'll pay you even if your property is empty. Find out more.
Figures taken from The finance of investing: tracking landlords’ costs and economic contributions.