Being a landlord can be one of the most rewarding occupations of all, but it doesn’t come without its struggles and its worries.
Advanced Rent is dedicated to doing its utmost to address those common stresses, by offering services such as a rent guarantee scheme and landlord-tenant referencing that help to minimise the uncertainties inherent to life as a landlord, even in-between tenancies.
Furthermore, if one needed a further reminder of the importance of such services, they would only need to look to a recent study which found that the average rental period in the UK stands at only 18 months.
What about the regional differences?
The average rental period varied between different cities across the country.
It was found that Birmingham had the longest tenancy periods, with renters staying for approximately two years and four months in the same property. At the other end of the scale, Cardiff had the highest turnover of tenants, with the average property vacated less than a year after being filled.
Bristol and Leeds also both had a high tenant turnover, clocking in at 14 and 12 months respectively.
How long do vacated properties stay that way?
The study showed that it takes, on average, 22 days for a landlord to find a new tenant once a property is left vacant. This could amount to an average loss of £547 in uncollected rent.
Vacated properties in Birmingham were found to be filled the quickest – with landlords finding new tenants in just 11 days – while Liverpool and Aberdeen struggled the most, with it taking approximately 33 days to find a suitable candidate for a tenancy. This equated to landlords in Liverpool losing as much as £761 of their possible income, while landlords in Aberdeen suffered losses of around £913.
The study also found that 9% of tenants moved out early – i.e. before a tenancy agreement was meant to end. It was found that tenants in Aberdeen were the most guilty of this, with 19% of them leaving a property before the end of their tenancy agreements, while Leeds and Sheffield followed close behind at 13%.
Advanced Rent is here to give all landlords the utmost peace of mind, through services designed to help them navigate the ups and downs of life in the private rented sector. Please don’t hesitate to contact us for further information regarding our services.