Research by prop-tech lettings company Home Made has revealed that London landlords lost £730m in rental revenue in 2019 due to avoidable void periods.
Rental properties across the capital are empty for an average of 24 days.
One of the key reasons properties lay empty is down to the lag time between a tenant handing in their notice and the time it takes a letting agent to find new tenants.
The research reveals a six day delay to agents marketing a property once tenants have served notice, thereby increasing the risk of a lengthy void period.
Asaf Navot, founder and chief executive at Home Made, said: “Empty rental properties are hurting everyone. Landlords are needlessly losing value on their investments and tenants are missing out on the home of their dreams.
“Our research shows that inefficient agency models are one of the driving factors keeping London homes unoccupied.
“Landlords are paying agencies for a service and if they are not delivering, they need to hold them to account.
“We’d urge landlords to ask their letting agent for transparency at every stage, from the date their property will be available online, through viewing volumes and feedback, all the way to move-in date.
“At Home Made we make this information readily available for landlords to track so they can ensure that every detail from appealing imagery to negotiating contracts is handled efficiently and as if the property were our own.”