The True Cost of a Void Period: And How to Avoid One
A void period is the time between one tenant moving out and another moving in. Most landlords understand that an empty property means lost rent. But many underestimate just how far the costs can spread. Let’s take a closer look.
Lost Rent Is Just the Beginning
The most obvious cost is the rental income itself.
If your property rents for £1,200 per month and sits empty for six weeks, you are looking at around £1,800 in lost rent. For most landlords, that is a significant sum on its own.
But the costs do not stop there.
If the property is mortgaged, the payments continue whether anyone is living there or not. Council tax often falls to the landlord during a void. Utility standing charges still need to be paid. And if the property is empty during the colder months, you may need to keep some heating running to prevent damp, condensation and frozen pipework.
The Hidden Costs of Re-Letting
Most properties need some work between tenancies.
Professional cleaning, maintenance, repairs, redecoration, and replacement of worn fixtures and fittings. Safety checks may also need to be updated before a new tenancy can begin. These are necessary costs, but they still add up.
Then there are the costs of finding a new tenant: marketing, viewings and referencing.
A six-week void on a £1,200 property, once everything is factored in, could realistically cost £3,000 or more.
Prevention Is Better Than Cure
The good news is that many void periods can be reduced or avoided with a bit of planning.
One of the simplest steps is to start marketing the property as soon as notice is received. In many cases, viewings can be arranged during the notice period, helping to close the gap between tenancies.
Pricing matters too. A property pitched above the current market rate can sit empty for weeks while similar homes nearby secure tenants quickly. In most cases, achieving the right rent quickly is more profitable than holding out for a slightly higher figure and paying the price with a lengthy void.
Local Knowledge Matters
The right local letting agent can considerably shorten the gap.
A strong applicant database, effective marketing and a good read on local demand all help secure a suitable tenant more quickly. While some void periods are unavoidable, many can be cut down through good preparation, realistic pricing and early action.
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