Press Releases
Reducing void periods on rental properties
Void periods can make a serious dent in your finances – not only will you lose out on rental income, but unless the property is completely unfurnished you will also have to pay council tax at 90% of the usual rate during the vacant period. The following guidelines will help to minimise the time your property is empty: -
1. Invest in right area/property in first place – some areas and types of property are more popular than others. Show us the property schedule before committing to buy a property. We will give you free advice on whether your intended purchase is a suitable one for the rental market, what sort of rent you can expect and what (if any) work would need doing before marketing the property.
2. Ensure that the property has all “mod cons”. Most tenants are looking for gas central heating, double glazing and a shower. Properties without these features will take longer to let and command lower rents.
3. Invest in the property – you will need to conduct regular maintenance to keep the property looking its best. Plan and budget for a program of renewals including redecorating and replacing carpets every 6-10 years, replacing furniture every 10 years and replacing kitchens/bathrooms every 10-20 years.
4. Be realistic about tenant demand/what types of tenants are looking for property in that area – many areas of
5. Ensure the rent is in line with market rates – rents can go up as well as down and vary based on the time of year; properties will usually achieve higher rents in the summer than the winter. If the rent isn’t set at the correct level, the property won’t let. If in doubt it is better to get it let at a lower figure than not at all. We can always increase the rent after the initial fixed term.