A complete Landlords Guide to Void Periods
When renting a property, void periods can be a cause for concern for both landlords. Void periods refer to the time between when a tenant moves out of a property and a new tenant moves in. During this time, the landlord may not receive any rental income, which can be a significant financial burden. In this article, we will cover everything you need to know about void periods, including how to reduce them and what to do if you experience one.
Why are Void Periods a Problem?
Void periods can be a significant financial burden for landlords. During this time, they are not receiving any rental income, which can make it difficult to cover mortgage payments and other expenses related to the property. Additionally, void periods can cause a property to become unoccupied for an extended period, which can lead to other issues such as maintenance problems and potential security risks.
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How to Reduce Void Periods?
There are several steps that landlords can take to reduce void periods and minimise the financial impact on their business.
- Advertise early: the quicker you get your property re marketed, the more likely you are to avoid a void period. By law your current tenants must allow reasonable viewing
- Advertise effectively: using a letting service like Home Made can really help speed up the process, and what you spend in fees can be much less than the cost of a void period
- Make sure your property is well-maintained and in good condition. This can help to attract potential tenants and reduce the time that the property is empty.
What to Do During a Void Period?
If you do experience a void period, there are several steps that you can take to minimise the financial impact on your investment.
Firstly, check whether your council offers a council tax discount for unoccupied properties.
Secondly, make sure your property is safe, secure and that all the appliances and anything that uses non-essential electricity or gas is off.
You can also use this time to carry out any necessary maintenance or repairs on the property, which can help to attract potential tenants and reduce the time that the property is empty.
In conclusion, void periods can be a significant financial burden for landlords. However, by taking steps to reduce void periods and minimise their impact, landlords can ensure that their rental business remains profitable and sustainable. By maintaining the property, advertising effectively, and offering incentives to potential tenants, landlords can reduce the time that the property is empty and ensure that they continue to receive rental income.
Meet Sam your local Expert
Sam has a wealth of experience across the private landlord and Build to Rent sectors. He has advised a wide range of clients across the whole of London on how to find great tenants, improve their assets and effectively market their properties for the best returns.