The latest research to be released shows that the average length of time a rental property is empty in the United Kingdom is twenty-one days, the longest period since January last year. The figures come from ARLA (Association of Residential Letting Agents) and they are urging private landlords to take action to avoid these empty periods.
ARLA are advising all landlords and especially those who are new to the rental market to remember some key points for avoiding these empty periods. Even though rental properties are in high demand in most parts of the United Kingdom, this does not mean that there will be a guarantee of back-to-back tenancies. ARLA advise landlords to bear in mind that the overall cost of an extended void period can outweigh the perceived loss associated with setting a sensible rent. Making sure the property is in good order will help make it more desirable, meaning it will be easier to let and may even mean a tenant wants to stay longer in the property.
Having a good letting agent can help a landlord with the day-to-day complexities and also share the work in finding a prospective tenant. It also means having less work to do when a tenancy comes to an end. ARLA also urge all new landlords to make sure heating and hot water installations, sinks, baths and other sanitary fixtures are maintained to a good standard and that landlord insurance is in place if things do develop problems. Decorating and furnishing the home to a good standard will certainly help to make it stand out to any potential tenants.
Ian Potter, Operations Manager at ARLA, said “While they are a fact of life in the rented sector, there are simple steps that landlords can take to help reduce the chance of a property being untenanted for extended periods. These periods without occupancy can also give a landlord a useful window to carry out routine maintenance and any additional work designed to make a property more attractive for incoming tenants.”