Void periods shorten after Renters’ Rights Act

Void periods have shortened since the Renters’ Rights Act was introduced in May, according to new research.

Average voids across England eased suggesting that landlords are beginning to adapt to the new laws, property management firm Rushbrook & Rathbone says.

More professional

Many property owners are using this period of change as an opportunity to ensure they are compliant with the Act, but also to become more professional in the way they manage their portfolios, the agency claims.

The average rental void period currently stands at 21 days, which is an improvement of three days compared to May, when average void periods peaked at 24 days following the introduction of the Act.

However, despite this recent improvement, void periods remain two days longer than in June last year, when the average was19 days.

Notable improvements

Some regions have seen particularly notable improvements since May. The South West has recorded the largest reduction, with average void periods down 12.3 days, followed by the North East – down 6.3 days, the West Midlands – down 3.7 days -, the North West – down 2.6 days – and Yorkshire and the Humber – down 2.3 days.

Despite these improvements, some regions continue to record longer void periods than they did a year ago, with Yorkshire and the Humber seeing the largest annual increase at 3.8 days.

Significant periods

Roma Sharma, Managing Director of Rushbrook & Rathbone (pictured), says: “It’s encouraging to see void periods beginning to reduce following what has been one of the most significant periods of change the private rented sector has experienced in recent years.

“However, landlords shouldn’t view this as a sign that the hard work is done. While many initially focused on ensuring they were compliant with the requirements introduced by the Renters’ Rights Act, we’re now seeing a much broader shift in mindset.”

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