“Void periods”, not a phrase that we (or our landlords) are terribly keen on, so let’s take a look at when is the best time of year to let a property and reduce void periods very quickly.
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If you’re a first-time landlord or considering increasing your portfolio, having a sound knowledge of rental market peaks and troughs is an essential ingredient in making any buy-to-let a success.
We’ve been letting property online since 2008 so we believe we’re well placed to give you our very own insights to ensure you maximise your rental income throughout the year, and ‘lock-in’ tenants to ensure you’re covered through the more challenging months of the year.
Whilst you shouldn’t find it too hard to find a tenant, you may find that certain tenants are attracted by the prospect of moving at a specific time of year.
If you want to know when is the best time of year to let a property, take a look at these five time periods during the year to watch out for:
January-March: Consistent flow of tenant enquiries
A new rental home for a new year? Absolutely!
As well as tenants looking to make a fresh start in a new property at the start of a year, our research has shown that landlords investing in property should begin their search in January / February to allow time to exchange, complete and be ready for marketing during the spring and summer peak moving seasons.
January is also a good time of year for landlords to be buying property.
April-June: Tenant enquiries begin to rise
From Good Friday to May Day, Bank Holidays is a good time of year to let a property.
This is because tenants can use a three-day weekend to move without having to take time off work. This is where you can really reap the benefits of investing during the earlier months of the year.
Be warned, however, if you are offering a six-month tenancy, you may want to extend it as an agreement that ends in November/December is classed as the ‘low’ season – and for many landlords with vacant properties, this is a no-go zone.
The number of tenant enquiries peak between the months of June and July, therefore, we would advise that this period is when it is the best time of year to let a property.
July-August: Is when is the best time of year to let a property as tenant enquiries at peak levels
It’s during these summer months that many families will be looking to move and you should be able to find tenants fast.
This is because they want to get their children settled in a new home and environment before the new school year starts in September. Also, the summer holidays mean that their children’s education won’t suffer any disruption during the move.
September: Best time of year to let a property to students
If you are looking to let to students, September is the best time of year to let a property to student tenants.
While some students sort their accommodation months in advance, there will also be those who leave it until the last minute. In this case, they will be looking for a quick move before the new term starts.
October onwards: Tenant enquiries dip, quality of tenants increases
Although the level of enquiries starts to dip from mid October onwards during the ‘low season’ the quality of the enquiries increases as these seem to be from more genuinely motivated tenants.
If you have a vacant property in the winter months, you should take measures to protect against frozen pipes which can cause hundreds of pounds of damage to a rental property.
Now that you know when is the best time of year to let a property, take a look at our article on the best way to find a tenant for rental property.