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The Association of Residential Lettings Agents (ARLA) has reported new research that shows that the average length of time that a rental property is unoccupied for is now three weeks. This is the longest amount of time since the beginning of last year. The ARLA are now suggesting different ways of taking action to ensure these “void” periods are short lived. Ian Potter, the operations manager at ARLA, has said: “Void periods can cause uncertainty and affect overall rental yields. While they are a fact of life in the rental sector, there are simple steps that landlords can take to help reduce the chance of a property being untenanted for extended periods. These periods without occupancy give landlords a useful window to carry out routine maintenance and any additional work designed to make a property more attractive for incoming tenants.” There are five key areas that the ARLA suggest for landlords. These include: Realistic rents, good tenant-landlord relations, having a desirable property, look at void as an opportunity and hiring a letting agent. By having a realistic rent this means you can compete with competition better. The demand for rental property in the UK is very high but by having a price that is reasonable to the area means that you can feel confident your property will be high on most tenants’ lists. Having a rental price that is too low can be just as damaging as having a price that is too high. All tenants have the right to live in your property undisturbed unless there is an emergency. All landlords must give at least 24 hours notice before entering the property. By sticking to these basic obligations you can expect a good relationship with your tenants. By having a desirable property, this means it will be easier and quicker to rent out the property between tenants. Tenants are responsible for the looking after the fixtures but landlords are responsible for all repairs unless the damage has been caused by the tenant. It is essential to have landlord insurance to help with all these things. By using the “void” period to make any maintenance improvements this will in turn make the property more desirable and rent quick which will make the void period actually profitable. By having a letting agent this will help you get through the day to day issues that can arise from being a landlord and they will help you find possible tenants which will also decrease the time which your properties are empty.
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