Strong demand for rented property is pushing down void periods, times when a property is not rented by anyone, to new lows according to The Mortgage Trust.
A survey of 140 landlords found the vast majority of property investors take just two weeks to find a new tenant for their property.
Overall, three in ten landlords say it took them less than a week to find a tenant, while a further 40% say it takes between one and two weeks.
In addition, the proportion of landlords who took more than two weeks to find a tenant fell from 42% last quarter to 28% in the past three months.
The overall average time taken to find a tenant has fallen to 13 days, down from 16 days in the third quarter of 2007.
John Heron, managing director of Mortgage Trust, says: “Much has been made recently of the problems investors have finding tenants for new build flats - and this has frequently been interpreted as being symptomatic of a decline in tenant demand for private rented property generally. But speculative gambling on properties with no proven appeal to tenants is not representative of the buy-to-let market.”
He says most landlords know their local area well, and have a good understanding of what type of properties people want to rent, which helps to bring down void periods.
Mortgage Trust says demand from traditional tenant groups, such as students and immigrants, is growing and young professionals are also renting for longer as they struggle to afford property after several years of hefty price growth.
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