Increase in residential lets being agreed before tenants move out
The number of properties being re-let before the existing tenant has moved out is on the increase. New research from Countrywide shows that in the current year 33% of all new lets were agreed whilst the property is still occupied, up from 27% last year. Obviously this is good news for landlords as it translates to a shorter average void period. Furthermore, the average let agreed whilst tenants are still in place equates to 105% of the asking rent, or an average of £35 per month more than the asking rent. In comparison tenants moving into an empty property have more room to negotiate, knocking an average of £21 per month off what the landlord originally asked for.
Full story available from Property Wire: http://www.propertywire.