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A recent study by leading insurer, Direct Line, has revealed that tenants now spend around 18 months in their properties before they move on to pastures new. It has also revealed that in some parts of the UK, void periods are longer than others.
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Average Void Period
The average void period in the UK is 22 days, so if the average rent is £770, a landlord will effectively lose out on £547 in rental income. Luckily for landlords in Birmingham, it only takes around 11 days to find a new tenant, whereas landlords in Aberdeen have to wait around 33 days for a new tenant to come along.
In London, the situation is even more surprising. Despite the lack of available properties in London, it still takes 20 days to find a tenant. However, with rents so much higher in the capital, this represents a considerable loss of rental income.
In some cities, they stay even longer, with landlords in Birmingham reporting that their tenants stay around two years and four months, but in other places, tenants don’t stick around long at all. In Leeds, for example, tenants only stay a year, and Cardiff and Bristol also have a high turnover of tenants.
Avoid the Void
Void periods are a landlord’s greatest enemy. The longer your property remains empty, the more money you lose, so it makes sense to do everything possible to hang on to good tenants, and work hard to attract new ones quickly when they do eventually go.
