A void property, meaning a rental home that is not currently tenanted, is every landlord’s nightmare. An empty rental property generates no income – and the longer it remains unoccupied, the more financial strain you’ll face.
Almost every landlord in the UK has to deal with void periods from time to time. It’s an inevitable part of letting a property. Fortunately, though, there are steps you can take to minimise the chance of this happening.
In this guide, we’ll explain everything you need to know about property voids and how to avoid them. We’ll also discuss how guaranteed rent could provide you with a steady stream of income even when your property is vacant.
What Is a Void Property?
A void period (real estate) is any length of time during which a rental property is vacant. Usually, this happens when a tenancy agreement ends, and the occupants do not wish to renew their lease.
Less commonly, void properties can be a result of abandonment, or having to evict a tenant (e.g. for non-payment of rent). Whatever the reason, it is often impossible to find someone to take their place immediately.
In the UK, 16-25 days is the average void period. Letting a property quickly, however, can be extremely challenging depending on the demand in your area. Marketing, arranging viewings and conducting background checks can sometimes take several weeks, or even months.
Why Do Rental Voids Matter?
So, why do all landlords fear the dreaded property voids? In short, they result in a substantial loss of income and financial strain.
You might find yourself struggling to cover mortgage payments and other expenses, especially as the cost of living rises. In most cases, you’ll still have to pay council tax on empty properties, too.
Not to mention, a lengthy void period comes with a risk of break-ins, vandalism and squatting. You’ll either have to invest in vacant property protection, which can be costly, or potentially face huge repair bills.
How to Reduce the Risk of Void Periods
If you are a private landlord, there are plenty of things you can do to minimise void periods. It’s important to make your property attractive to renters, find reliable tenants and keep them happy. Here are our top tips.
Invest in Your Property
First impressions are key to attracting tenants, especially if the rental market in the area is saturated. Nobody wants to live somewhere that isn’t in good condition when there are other options.
Investing in refurbishments will help your property get snapped up quickly. For example:
- Replacing old, worn-out furniture and carpets
- Fitting new windows, appliances, worktops and cabinets
- Fixing any known issues e.g. damage to walls or poor insulation
If the décor is outdated, even a fresh lick of paint and some new blinds can make a big difference. Modern amenities, such as dishwashers and washer-dryers, will also add appeal.
Carry Out Thorough Tenant Checks
It always pays to take extra care when screening applicants, rather than letting just anyone rent your property. This will help ensure you choose reliable tenants who won’t be late on rent or move out without notice.
As well as conducting credit checks and a background search, you should ask for payslips to verify their income. It’s also important to ask for references from previous landlords. You’ll want to know if the tenant has a history of being evicted for property damage or arrears, for example.
Offer Longer Tenancy Agreements
A ‘rolling’ or periodic tenancy may be ended at any time, with only one month’s notice required. However, with fixed term tenancies, tenants usually can’t leave or stop paying rent until the contract ends.
Many tenants prefer long-term tenancies as they provide security and peace of mind. But more importantly, they help to reduce the frequency of void periods. Offering a 12-month contract, for example, will ensure your property remains occupied for an entire year.
Treat Your Tenants Well
Unfortunately, some landlords prioritise profits over their tenants’ welfare. This issue is common enough that when renters find a good landlord, they won’t want to leave. The happier your tenants are, the more likely they are to renew their lease.
Being a good landlord means more than carrying out your basic legal responsibilities. You will need to:
- Be available 24/7 and respond to tenants’ concerns promptly
- Ensure repairs and maintenance are carried out as quickly as possible
- Be respectful and considerate, e.g. by giving plenty of notice before inspections
Essentially, do your utmost to meet their needs at all times. This is the best way to reduce tenant turnover and prevent property voids.
Prevent Property Voids Completely with Guaranteed Rent
If you want to eliminate the problem of void periods altogether, guaranteed rent is the perfect solution. This is a long-term agreement in which a property management company pays you a fixed, monthly fee while subletting your home.
The main benefit of guaranteed rent is that it completely removes the financial strain of rental voids. You will receive a steady income throughout the contract, even during gaps between tenancies. It’s ideal for landlords looking for financial stability and peace of mind.
Some guaranteed rent providers pay more than others, so take time to consider your options. At 53 Degrees Property, we ensure landlords receive an income on par with or exceeding market rates.
Contact 53 Degrees Property Today
At 53 Degrees Property, our guaranteed rent service provides landlords with a secure, fixed income for up to 5 years.
We’ll handle every aspect of letting and managing your rental, from tenant search to dealing with evictions. Your rent is 100% guaranteed, on time, every month – even during void periods. We’ll even take care of cleaning, repairs and maintenance so you don’t have to.
If you’re looking for a reliable, risk-free way to earn a passive income, contact 53 Degrees today. Fill in our enquiry form or call us on 0330 058 0165 to begin your application.
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