How long does it take to let a property?

 Homes4u - How long does it take to let a property?

Homes4u – How long does it take to let a property?

As a landlord, there is nothing more discouraging than a long void period when trying to let a property.

While some void time – where the property is empty, untenanted and costs money – is inevitable, the aim should be to reduce this as much as possible.

Pre-pandemic, the average time it took to let a property fell to an all-time low of 18 days, with tenants eager to move quickly and landlords more than happy to comply at short notice.

However, the lockdown measures introduced in early 2020 impacted void periods, many tenants faced financial uncertainty and rental demand as a whole decreased.

Thankfully, the second half of 2021 seems to be bringing with it a change in fortune for tenants and landlords alike, and rental demand is back on the rise.

So, how long does it take to rent a property? Sadly, there’s no exact science to a short void period, but there are certain factors that impact how long a property is vacant for.

Location

Properties in desirable areas will inevitably have shorter void periods as they are more attractive to tenants. Homes that are close to shops, schools and facilities are highly desired by prospective tenants, so keep this in mind when buying properties to let them.

Timing

Rental demand fluctuates throughout the year, and the type of property you have available will impact when you should put it on the market. For example, if your property is suited to students, marketing in the summer through to September will attract your target market.

Presentation

It’s common sense that a property that is taken care of will be much more appealing to prospective tenants. Repairing any damage caused by former tenants and a fresh lick of paint goes a long way when viewings are being undertaken. Overall the property should be in good condition before opening it up to viewings.

Things to remember as a landlord:
● Replace any furniture that is damaged or aged
● Give all rooms a fresh lick of paint
● Check all appliances are in good working order
● Ensure any required certificates such as gas or electricity are up to date and valid

If you are a landlord preferring a hands-off approach, take a look at how homes4u’s range of landlord services can help you.

Tenant referencing

When a prospective tenant finds a home they love, they’ll often want to move quickly and put pen to paper on a contract. As a landlord, handling the documentation and checks can be a time-consuming job, but completing this quickly reduces void time and keeps tenants onside early.

Some areas that can cause delays for tenants include:
● References from previous landlords
● Employment references
● Getting a guarantor (if required)
● Providing credit history

At homes4u, our fully managed ‘gold’ service property management handles everything from marketing to prospective tenants to reference checking.

Value

Knowing when to market a property is one thing, but what about knowing the price point to market at?

Presenting a property at market value increases its attractiveness to prospective renters and ensures they will be more likely to view and agree to let your property.

What are the most popular types of property for rent?

The most common types of property renters want is flats and houses. Houses can be anything from a semi-detached new build to a traditional four-bed family home.

Where are properties letting fastest?

Manchester was recently voted the third best city to live in by Time Out magazine, and rental demand is stronger than ever in the city.

The increasing population is matched by an ever-growing economy. The city is also known for its excellent graduate retention rate, making it an appealing prospect for investors and landlords alike.

If you need help to grow your property portfolio or are looking for specialist management of your existing properties, get in touch with our friendly team today.

 

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