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March 11

by mydeposits
Most landlords don’t prepare for voids

Ninety per cent of landlords don’t factor in the cost of having a voids period when letting their property, according to research.

And when it comes to covering the cost of a rental void, 36 per cent of landlords with one property use their day job earnings or their own savings and 16 per cent say they just accepted it.

Larger landlords are more likely to cover the financial cost by using profit from other rented properties (25%).

Overall, a third  (34%) of landlords said they had experienced a void period in the last 12 months.

The findings suggest that a significant number of landlords may not have a business plan in place when they start letting.

The NLA recommend budgeting for 10 months’ rent in any 12 month period to allow for missed rental payments and voids and have produced a youtube video that provides information and guidance on voids.

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