LONDON landlords are typically left with a 20 day vacancy between tenants, often amounting to lost income of £1,869, new research has shown.
Despite the highly competitive rental market in the capital, letting agents claim that it takes almost three weeks to fill a property in London, although this is still two days less than the national average, according to analysis from Direct Line for Business.
With monthly rents in central London often exceeding £2,000, this could amount to a loss of £1,869 for landlords.
Surprisingly, it is quicker to fill a vacant property in some other UK cities despite their smaller populations. In Birmingham it takes 11 days, while in Cardiff it takes 14 days.
To add to landlords’ headaches, they also have to deal with tenants moving out earlier than anticipated. In London, nine per cent of occupants vacate a property before the end of their tenancy.
This is nothing compared to Aberdeen however, where 19 per cent of renters leave before the end of their contract.
London renters spend an average time of 21 months in a rented property before moving on, longer than the UK average of 18 months.
Birmingham has the lowest tenant turnover, with renters staying an average of two years and four months, while Cardiff renters tend to leave in 11 months.
“This research highlights the pressure landlords are under to replace outgoing tenants in their properties,” said Nick Breton, head of Direct Line for Business.
“Vacant properties are obviously a worry for landlords but it's vitally important that they take into account void periods when calculating the affordability of owning a rental property.”