Management
Void Period
Time when property is empty between tenancies
Full Definition
Void periods are gaps between tenancies when no rent is received. Average voids are 2-4 weeks but can be longer. Voids should be factored into yield calculations (typically 4-8% of annual rent). Minimise voids through competitive pricing, good property condition, and starting marketing before current tenancy ends.
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Analyse a PropertyMore Management Terms
Letting Agent
Company managing property lettings and tenants
Rent Arrears
Unpaid rent owed by tenant
Tenant Referencing
Background checks on prospective tenants
Guarantor
Person agreeing to cover tenant's rent if they default
Maintenance Reserve
Funds set aside for property repairs
Rent Guarantee Insurance
Insurance covering unpaid rent from tenants