Void periods on steady decline
The NLA landlords’ panel revealed enduring tenancies are on the rise with only 33% of landlords experiencing vacant periods in the last three months, down 13% year on year.
David Salusbury, chairman of the NLA, said: “It is in every landlords’ business interest to maintain good, long lasting tenancies and avoid voids. At a time when demand far outstrips supply it is imperative that empty properties are filled quickly following any necessary maintenance and improvements.”
At a regional level voids are greatest in the North East of England where 54% of landlords have experienced empty periods in the last three months and lowest in London where only 20% of landlords have experienced voids over the same time frame.
The research also showed the average duration of a void has reduced to 60 days from 63 days in quarter three and 69 days earlier in 2012 while the amount of landlords experiencing rent arrears has dropped.
Of those surveyed, 41% of landlords have experienced instances of rental arrears in the last 12 months, down 9% year on year, back to levels previously seen in quarter one 2010.
Salusbury added: “The private-rented sector affords tenants flexibility so as tenants’ circumstances change there are occasions when a property might be empty.
“The NLA’s advice to landlords looking to minimise void periods is to talk openly with their tenants about their future plans. This will give the landlord some idea of when the property might next be empty and allow them to make any improvements and plan advertising activity in good time.”