Landlords who have taken part in the quarterly Paragon Mortgages’ PRS Trends survey have reported a steady decrease in void periods from Q1 2009 – Q4 2011.
Last year saw the lowest void period figures for the past two years, with the average time a property remained empty being 2.8 weeks. This compares to an average of 3.2 weeks in 2010 and 3.3. weeks in 2009.
Professional landlords experienced slightly higher void periods, on average 2.9 weeks in 2011 – but they also achieved a decrease from 2009 when the average was 3.4 weeks.
A void period is the length of time that a rental property is empty, usually in between tenancies.
John Heron, Managing Director of Paragon Mortgages, said:
“The decrease in the average void period can be attributed to the surge in demand we have seen for private rented property in the past 12 – 18 months.
“Tenant demand has increased at a rate never experienced before so it is positive that rental properties are being let quickly and there is less of a gap between tenancy agreements. This is positive news for the tenant and also the landlord too, ensuring their portfolio remains profitable.”
