Landlords Benefit From Low Rent Voids

The rental market is in good health as landlords benefit from the lowest void periods for eight years.

The strong demand for rental property is reducing the average void period to its lowest level for eight years, the Association of Residential Letting Agents (ARLA), is reporting.

The average void period now stands at 3.2 weeks, which is of considerable benefit to landlords, particularly as rents are increasing as demand rises.

London and the South East are experiencing the strongest demand for rental properties as tenants extend their tenancies because of their inability to secure a mortgage for buying a property, even if they want to step onto the property ladder.

The rising rents are causing prospective tenants problems, though, as Ian Potter, Operations Manager of ARLA, explains:

“The rental market is incredibly strong at the moment for those working within the industry but for those consumers who are relying on the Private Rental Sector for housing, the cost of renting must be of concern.”

“The new government must ensure that finance is made available to the sector, so that more properties can be brought into the private rental sector and ensure that more rental homes are made available.”