The news that tenant arrears have reached a five-year low is a welcome sign for landlords and tenants alike. This is largely due to a decrease in void periods, which is when a property is vacant between tenancies. This means that landlords are able to keep their properties occupied for longer and tenants are able to stay in their homes without interruption.
The decrease in void periods is largely due to the introduction of new technology which has made it easier for landlords to find tenants quickly and efficiently. Online rental portals, such as Rightmove and Zoopla, have made it easier for landlords to advertise their properties and find suitable tenants. Additionally, the use of referencing services has allowed landlords to quickly check the background of potential tenants and make sure they are suitable for the property.
The decrease in void periods has also been helped by an increase in the number of tenants who are staying in their rental properties for longer. This is largely due to the fact that more people are now choosing to rent for longer periods of time, rather than buying a property. This has meant that landlords have been able to keep their properties occupied for longer and have been able to reduce their tenant arrears.
The decrease in tenant arrears is good news for both landlords and tenants. For landlords, it means that they are able to keep their properties occupied for longer and reduce their costs. For tenants, it means that they are able to stay in their homes without interruption and without having to worry about unpaid rent.
Overall, the decrease in tenant arrears is a positive sign for the rental market. It shows that landlords are taking steps to make sure that their properties are occupied for longer and that tenants are being given the opportunity to stay in their homes without interruption. This is good news for everyone involved in the rental market and should help to ensure that the rental market remains healthy and stable in the future.