A rental property going empty can cost landlords thousands of pounds. Find out how as a landlord you can limit the risk of having unoccupied properties.
Top 4 tips for avoiding voids:
1. The wrong side of the bed
– Investing in high quality furnishing can help to both increase the rent you are achieving and help to reduce voids. It might be tempting for landlords to buy the cheapest furniture possible, but increasingly the rental market isn’t just for people who can’t afford to buy. Consider the average tenant paying £350 per week in London is on an annual salary of upwards of £50,000 and they will want high-quality furniture.
2. Happy go lucky
– When you are on good terms with your current tenant they will be happier to make the property available for viewings and keep it looking clean and tidy when you want to show it to prospective tenants. Your current tenant can also testify to what a great landlord you are.
3. The long haul
– Longer tenancies are another way to minimise the risk of voids. Many tenants give notice in the run-up to Christmas, so if you opt for an 18-month contract that sees the tenancy expire over the busy summer months you’ll find it easier to re-market the property when voids are less of a risk.
4. The price is right
– Make sure that you’ve priced your property competitively so that you attract tenants faster. On the flipside, be wary of pricing too cheaply as that may make tenants feel there is something wrong with the property. It’s essential to get the balance right.
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