Tips for avoiding void periods in your rental property

Tips for avoiding void periods in your rental property

Void periods are the bane of a landlord’s life and inevitably, they do occur from time to time. Essentially, a void period is when your rental property lays unoccupied, not earning you any income. So, if you’ve taken out a buy-to-let mortgage and you’ve got no rental income coming in to cover it, then it can be a worrying time. Long periods of void occupancy can clearly impact significantly on your investment so it pays to plan ahead and avoid void periods wherever you can. Here are some quick tips to do this:

Keep high standards – if you’re renting out an older property then you need to ensure that it meets the expectations of your target audience. Kitchens and bathrooms in particular attract tenants so it’s worth investing in these so that they draw tenants in.

Hold on to good tenants – vetting your tenants is an absolute must before you let them reside in your rental property. If you attract good tenants who pay their rent on time and don’t continually complain, then it’s clearly in your interest to look after them, respond swiftly when they do have queries and give them a good landlord experience.

Be realistic about the rent – over-charging for your rent is counter-productive. In the long run, it’s much more cost effective to rent your property quickly rather than hold out for a higher rent and risk void periods.

Budget for void periods – it makes sense to budget for void periods. Generally, if you put aside one months of rental income for the year, this will cover you for any unexpected void periods and not leave you panicking about the mortgage.

Keep investing – it’s also worth keeping some money aside for maintenance work if you do experience void periods. This will enable you to redecorate or refurnish where necessary so that you can attract good tenants.

Insurance – make sure that your property is covered in the event of void periods.

To reiterate, void periods are inevitable but the more you can do to mitigate the issue, the better off you will be financially.