Managing tenancy void costs has always been a challenge for landlords, but has the Renters’ Rights Act made it any easier?
Recent research by Rushbrook & Rathbone suggested that the average cost to landlords of rental void periods has risen by up to 52.9% in some areas of England over the last year. Overall, such costs are up 12.9%.
Its research showed an average void period of 24 days, equal to an estimated average void period cost of £1,135. That’s not just the mortgage payment but also costs such as insurance and maintenance. Minimising void times and keeping costs down is vital – but how?
Keep tenants happy
The sentiment may sound a little trite, but it’s one of the most important ways to keep rental voids – and therefore costs – down. Following the Renters’ Rights Act and the end of fixed-term tenancies, tenants have greater security to stay in their property, which means if they are considering leaving, something may be wrong. Regularly checking in to ensure they are happy could help reduce the risk of a disgruntled tenant leaving.
Ensure good communication
Good communication between landlord and tenant will help keep you both in the loop on whether things are going well or not. Tenants will respond positively to proactive landlords who communicate well and react quickly to potential issues. Meanwhile, building a reputation as a trusted landlord will help attract new tenants when old ones do leave.
Keep maintenance standards high
It could be easy to let maintenance and inspection schedules slip now that fixed-term tenancies are gone. But they are more important than ever. Proactive repairs and maintenance help maintain good tenant relationships and protect your property investment.
If tenants do leave, then refreshing the property and addressing any outstanding issues as soon as possible, will ensure it’s ready to grab the attention of new tenants quickly, reducing the time that your rental property is sat empty.
Invest in effective marketing
Getting new tenants quickly means you must invest in effective marketing – from quality photographs to captivating copy to capture attention and ensure your property stands out from that offered by other landlords in your area.
The new Renters’ Rights Act rules mean that your rent should be priced in line with the local market and no more, so ensure that your pricing hits the sweet spot to attract attention without under- or over-pricing the local market.
Choose tenants wisely
Targeting your tenants correctly could also help you reduce void costs. Families and professionals, for example, are likely to want to stay longer in your property than more transient tenants, so it’s worth considering who you are targeting and whether they are right for you.
Screen and vet tenants thoroughly
Screening is a step you can’t afford to skip, but if the process takes too long it could hold up new tenants getting into your property – and that means that costs will begin to mount. Ensure you have speedy, but thorough, screening processes in place to ensure you get the right tenant in quickly.
For more information on how we can assist you on your lettings journey, please contact one of our branches in Essex, London or Hertfordshire today. We also offer a free and instant online valuation to give you an idea of how much your home could be worth on the current market.
