20 Dec

Landlords finding tenants faster

Landlords finding tenants faster

Landlords are filling tenant vacancies faster as demand for rental accommodation increases, according to new data.

Of 140 landlords polled by the buy to let lender Mortgage Trust, three out of ten said their property was vacant for less than a week before they found a tenant.

Meanwhile, a further 40 per cent said they had let their vacant property within one and two weeks.

Conversely, the number of landlords who took more than two weeks to find a client dipped by 42 per cent from the previous quarter.
This brought the average time landlords take to find tenants down from 16 days to just 13 days.

John Heron, managing director of Mortgage Trust, said: "The vast majority of professional landlords know their local area well and have a good understanding of the level of appetite for rental properties within it - they invest wisely and make good returns."

He added: "All our research, and indeed research from other bodies such as RICS, shows that there is very strong tenant demand for the right properties - particularly family homes and terraced houses. With property prices moderating, I expect yields to rise over 2008 - this is a good environment for the professional landlord to expand his portfolio."
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