Void periods at lowest level in over a year
Void periods in private rented properties have fallen to their lowest levels in over a year, according to latest figures from the National Landlords Association (NLA).
The number of landlords with vacant properties in the last three months has decreased by 13 per cent year-on-year. The average duration for a void property has also dropped from 69 days to just 60.
Unsurprisingly rental properties in the capital stood empty for the least amount of time; only 20 per cent of landlords with properties in London experienced void periods in the first quarter of 2013. Landlords in the North East however faced a tougher rental challenge; 54 per cent having empty properties at some point during the last three months.
GW LET solicitor, Rob Denman, explains why communication between landlords and their tenants is essential to minimising the financial impact of void properties:
“There are fewer things more frustrating to a landlord than having a vacant property on the books so these latest figures from the NLA are really encouraging.
“It is essential to maintain regular communication with your tenants. That way they will feel they can share any issues and/or concerns regarding the property and, providing you address the problem sufficiently, improve the chances of continuing the tenancy.
“Good communication will also help you, as a landlord, understand your tenant’s future plans so, should they plan to move on, you are in a position to re-advertise the property and find new tenants as quickly as possible and minimise the financial impact.”
Content correct at time of publication