Landlords are losing an average of £547 in rental income every 18 months due to tenancy voids, according to new research by Direct Line for Business. The study found that renters typically stay in a property for 18 months, and it takes landlords an average of 22 days to find a new tenant.
Birmingham has the lowest tenant turnover, with renters staying an average of two years and four months. In contrast, Cardiff has the highest turnover, with properties vacated in less than a year. Tenants stay an average of 12 months in Leeds and 14 months in Bristol.
Landlords in London face the highest losses, with an average void of 20 days costing £1,869 in lost rent, as average central London rents exceed £2,000 per month. In Liverpool and Aberdeen, voids average 33 days, costing landlords up to £761 and £913 respectively.
The research also revealed that one in 11 tenants leaves before the end of their tenancy agreement. The highest rate of early departures is in Aberdeen, where a fifth of tenants move out early, followed by Leeds and Sheffield at 13 per cent.
Nick Breton, head of Direct Line for Business, said: 'This research highlights the pressure landlords are under to replace outgoing tenants in their properties. 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.'
