The bane of a landlord’s life (amongst other things including lack of time) is the void period of any given property. The dreaded time frame between a transition of tenants, whilst a property sits on the market with no rental income. Landlords across the North West however can let out a sigh of relief, as the average void period is falling.
In a rental report released by lettings service Goodlord, it has been revealed that the average number of days a landlord’s rental property experiences void periods for across the UK is 20 days.
Whilst figures vary across the regions, the general perspective sees a slight decrease in the length of void periods compared to previous figures. The North West in particular has seen void periods decrease by four days over a two month time period from the end of 2019.
This is also the lowest number of days a property is empty across the UK outside of London, which is great news for North West landlords alike:
In addition to the report, Tom Mundy, COO at Goodlord, commented: “February is traditionally one of the quietest months of the year for lettings, which means these figures are aligned with our expectations for this period.
“It’s a good opportunity for letting agents to take stock of the systems they have in place and make sure they’re not only prepared for an increase in volumes as we head towards summer, but also upcoming legislation changes that will increase administration, such as the new electrical safety standards regulations.”
How can I maintain these shorter void periods on my rental properties?
The best method of minimising any void periods to begin with is by sourcing a long-term tenant and sustaining a happy and healthy tenancy with them; minimising the chances of them wanting to move on from your property.
The key to doing this of course is by being a great, compliant landlord. Whilst it may sound like a no-brainer, it is the result of the landlords who show no care for their tenants or indeed the law that the government are so heavy handed with the rental sector. Tenants are far more comfortable dealing with courteous and professional individuals with open communication channels.
Treating your tenant as you would like to be treated yourself or your property is the crucial component to sustaining a long-term tenancy. As time is a precious commodity however and this isn’t always possible, seeking a professional property management company to maintain this relationship on your behalf is a great alternative.
Invest in your investment
The maintenance of your property is essential. A decrepit, crumbling property isn’t going to keep a tenant in it – so it certainly won’t attract new ones either. Ensuring your property is up to scratch both visually and functionally is well worth the additional cost to keep void periods down. Tenants are more naturally drawn to beautifully presented and well-maintained properties.
Strike a deal
Perhaps there is something extra you can offer your tenant that you haven’t been doing; whether that’s to keep them in the property or attract new ones faster. Offering the first week’s rent may seem like you are de-valuing your property, but you’re easing the move-in costs for the tenant who is looking to move into your property in the first place. If you are a HMO landlord looking to fill your vacant furnished rooms, why not offer your tenants an incentive such as an Amazon voucher to help personalise their space? Speaking of HMOs…
Consider a HMO conversion?
The HMO and co-living sector have taken off in recent years, yielding some immaculate and stunning results from a design perspective. They also allow for landlords to convert the rental figure of a standard property into something much higher, splitting off the costs across multiple rooms whilst allowing your investment to work much harder for you. Whilst from a marketing perspective it may seem harder attracting more tenants into your property, the demand is certainly present here in Manchester. With the right styling and pricing, you can easily fill your HMO within the first few viewings.
Above all else however, the key to minimising your void periods is being active. Strong marketing tactics (utilising more platforms than just the property portals), early viewings and open communication channels are strong guarantees of securing tenants to your properties. As time is ever precious and may not be on your side, we can take care of all the heavy lifting for you and source the best tenants effectively and efficiently; whilst managing your property with the passion and communication needed to sustain long-term, healthy tenancies.
For more information, call us on 0161 883 2525.