Landlords can use busy summer to their advantage
- 14th May 2014
- Property Tips
Letting during peak seasonal demand means a lower risk of void periods and higher rental income.
Landlords are always keen on finding ways to limit void periods in-between tenancies.
Stephen Ludlow, Chairman of ludlowthompson, warns: “Many landlords may be reliant on the income generated to make mortgage payments, so a void period could have severe financial consequences.
"As the peak rental demand occurs during the summer months it is worthwhile landlords attempt to ensure that contracts end at this time.
“If landlords can arrange for their tenancies to end in line with the period of greatest demand then they will minimise the risk of void periods, as their properties will come onto the market at the optimum time.
“This may require longer tenancies initially, to make the contract coincide with the busy summer cycle. Once this has happened then landlords can easily ensure that contracts end at the most convenient time."
Students will want to be in place for the beginning of term so will look to move in over the summer. This is especially important for landlords targeting the student market.
Stephen Ludlow explains: “Students may want to remain in an area close to their accommodation the previous year, and will certainly wish to be close to their campus if possible. Landlords who own properties in the vicinity can get their tenancies agreed in advance to minimise any void period.
“Young professionals and recent graduates often begin jobs in the autumn so many will be moving to London for the first time over the summer months, both to settle in and also to look for jobs.
“In the upcoming months there will be considerable demand for properties so landlords would be wise to ensure that their properties are in good condition and any necessary checks or assessments are in place. This helps to make sure that landlords are fully prepared for the summer rush.”
If landlords can arrange for their tenancies to end in line with the period of greatest demand then they will minimise the risk of void periods
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