How Cardiff landlords can minimise void periods and maximise profits
Whenever a property is vacant, it stops generating rental income but still incurs ongoing running and finance costs. That’s why it's crucial to minimise void periods and keep properties occupied as much as possible.
Thanks to our extensive marketing reach and our proactive approach to managing tenancies nearing their end, we're proud to maintain an average void period of just three days per year. With our experience, Cardiff landlords can rely on us for expert advice on preventing void periods and ensuring a solid plan is in place to keep properties occupied year-round.
1. Market the property quickly and effectively
Around two months before a tenant’s fixed term ends, reach out to confirm their intentions. Are they planning to stay, or will they be moving on? This early communication will allow you to plan ahead and make the most of the window when most prospective tenants are actively searching for their next home.
We recommend giving them two weeks to let you know, giving you ample marketing time should they intend to vacate and new tenants need to be found. Aim to start marketing the property as soon as possible, ideally 6-8 weeks before their move-out date. This timing ensures the property is showcased to renters at the peak of their search, maximising your chances of finding replacement tenants without delay.
2. Choose the right residents
Trusted tenants mean fewer headaches. Those with a history of paying on time reduce the risk of needing to start eviction proceedings (which is never quick), keeping your property earning, not sitting empty.Reliable renters also take better care of the property, meaning less wear and tear, fewer repairs and a quicker turnaround when it’s time to re-advertise.
Tenants who communicate well and are cooperative are more likely to report issues promptly, allowing landlords to address maintenance needs quickly. From collecting photo ID and proof of address to performing affordability and reference checks, we leave no stone unturned for our landlord clients. Plus, our digital application and signing process keeps everything swift, secure and backed by a clear audit trail.
Click for a list of the referencing checks we carry out and recommend you do too.
3. Be willing to compromise & keep rents competitive
It might be tempting to increase the rent to a level you’ve seen other properties pitched at on Rightmove, but if your tenant serves notice to move somewhere more affordable, you may end up with an empty property costing you more in lost rent than you would’ve got through the increase. Also, there’s no guarantee what you saw on Rightmove achieved the asking price.
Rent increases are all about correctly judging the market. It’s only a “landlord’s market” when supply is low and demand is high, so if the opposite is true, you risk sitting on an empty property if you pitch the new rent too high.
Sometimes, it’s better the devil you know, too. Sure, you might achieve a higher rent by putting your property back on the market to attract new tenants, but there's no guarantee you’ll find them quickly - or at the price you want. Plus, are they going to be as reliable as the tenants you already have? Consider whether it’s worth accepting slightly lower than the current market rent for trustworthy tenants who take good care of your property and stay longer, ultimately saving you time and money in the long run.
4. Carry out regular inspections throughout each tenancy
It’s better to identify and fix any issues mid-tenancy, rather than wait until the end. Not only might you be contractually or legally-obligated to do so, but if you wait until the end, you may not be able to move new tenants in while you carry out repairs, which is going to extend the void period. Also, the longer an issue goes on, the more likely it is to get worse, so it becomes more costly to fix. “A stitch in time saves nine”, as they say. Sometimes you need to spend money to make money and my recommendations will always earn you money in the long run. It’s not just about boosting your rental income, but ensuring your property holds and builds on its value, long into the future.
5. Invest in your investment...
The standard of properties in Cardiff’s lettings market has improved a lot in recent years. So much so, prospective tenants now expect a certain minimum standard, which landlords are encouraged to meet to remain competitive and achieve the rents they want.
Small touches like neutral décor (maybe with a feature wall thrown in), modern & matching furniture and ample storage go a long way in creating positive impression. Thoughtful presentation can make a property stand out, attract reliable tenants, and justify premium rental rates.
While there’s no need to be an interior designer, attention to detail in areas like functionality and overall aesthetic appeal can set your property apart in a competitive market.
You don’t always have to spend big either - relatively cheap additions to a property can make a property leap of the page when we post our photos and video tours. With us as your agent, you have access to our extremely competitive rates with trusted contractors and are happy to oversee works and upgrades for a smooth experiences, if your preference is a more hassle-free approach. Give me a ring on 02920 668585 or email rhys.owen@cpshomes.co.uk and I’ll help you tailor a strategy that aligns with your investment goals.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
