It is important when calculating the affordability of owning a rental property to consider the times when your property might be vacant and plan for the expense. At Vanilla Square we work very hard to minimize void periods for all our landlord clients and have seen over the years that certain tactics work best when it comes to making sure your property stays let.
At Vanilla Square we typically only have void periods of 5-7 days between tenancies on average, but sometimes do even better than that, with as little as 3 days turn around.
In the UK, according to research, landlords lose out on more than £500 every 18 months on average due to a change in tenancy. Renters will spend an average of 18 months in a property before moving on and that it then takes a landlord typically 22 days to find a new tenant. This amount of time without a tenant results in an average £547 loss of rental income. (source)
Tips to Minimize Void Periods
Keep the property in great condition.
Ongoing investment in the condition of the property – especially kitchens and bathrooms will secure quick interest in the property as future tenants will be interested in the condition of their future home.
Find good tenants – and keep them.
At Vanilla Square we make sure we vet potential tenants and source the best possible let for your property and then work constantly to keep your tenants happy – and put!
The right pricing matters.
The right price to the location, interest and condition of the property is essential. That’s not to say we’d be quick to advise you to slash the price. We’ve had cases in which a rent increase has brought the right tenant, so finding the right pricing and marketing your property correctly can make a big difference in the interest we raise.
Budget for void period. On average the void period in UK is 22 days, so it is safe to say planning on average a void of one month per year should keep you safe. This way you avoid any unexpected changes in your tenancy.
Landlord insurance. Look into taking on landlord insurance that covers for void periods.
At Vanilla Square, we not only manage and let some of the most desirable addresses in Glasgow, but our bespoke services allow us to help you find a truly beautiful rental property to make not just a house, but a home that matches your vision.
Whether you are a landlord letting your property for the first time, or a prospective tenant, our focus and attention will always be on providing you with practical, jargon free advice and a sympathetic ear, giving you the attention that you deserve. And with Vanilla Square, one of our experienced Partners conducts every aspect of our service, ensuring you receive the invaluable advice needed to help achieve the best results from your let or tenancy. Find out more about letting your property with Vanilla Square…