People renting a home in the UK spend an average of 18 months in the property before moving on with vacant properties being filled most quickly in Birmingham, new research has found.
Birmingham has the lowest tenant turnover, with renters staying an average of two years and four months in the same property. Cardiff on the other hand, has the highest turnover, with the average property being vacated less than a year after being filled, according to the study by landlord insurance provider Direct Line for Business.
Leeds at 12 months and Bristol at 14 months also have a high turnover of tenants, which could prove problematic for local landlords, the report says.
The analysis also looked at the average time it takes to fill a vacated property revealing that on average, it takes a landlord 22 days to find a new tenant. This could result in an average loss of £547 in uncollected rent. When calculating the yield for a property, landlords need to take into account this void period and ensure they have sufficient resources to meet any mortgage, ground rent or other charges.
Vacant properties in Birmingham are filled the quickest, with a landlord finding a tenant in just 11 days. However, in Liverpool and Aberdeen landlords struggle the most to fill their properties, taking an average of 33 days, to find a suitable candidate. Direct Line for Business’s analysis estimates that this gap in rent could cost landlords as much as £761 in Liverpool and £913 in Aberdeen.
Even with such a competitive rental market in London, letting agents in the capital claim that it takes 20 days on average to fill a property. With average monthly rents in central London surpassing £2,000 this could amount to a loss of £1,869 in income.
This research highlights the pressure landlords are under to replace outgoing tenants in their properties. Love Your Postcode are dedicated to getting properties let out quickly to ease pressure on you as a landlord. However, we are also well aware that its not a process to rush. We hand pick the tenants for our properties to ensure that they are not only the right fit for your property, but will also treat it with the respect and care that you should expect as a landlord.
View our lettings page to see more information about the different lettings services we provide.
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