New research reveals 53% of landlords rent their buy-to-let property within two months

More than a fifth of landlords take at least four months to find a tenant, new research has revealed.

The findings suggested 21 per cent had to wait four months or more after purchasing their buy-to-let property before signing up their first tenants.

However, there is better news for the 53 per cent of landlords who find paying tenants within a couple of months of buying a property.

How much can a landlord expect to pay in set-up costs?

The research by The Nottingham Building Society also revealed the costs involved in setting up as a landlord (aside from the mortgage).

It suggested this was typically £2,000 for a landlord’s first property, although one in three landlords managed to spend less than £1,000 before they found a tenant.

More than 60 per cent of landlords surveyed said they spent money on redecorating or refurbishing their newly purchased properties before renting them, with 28 percent saying redecorating work took at least a fortnight.

However, once tenants have moved in, the financial pressures ease substantially, the research revealed.

It found that in the past year, landlords had one month on average when they did not have a tenant living in their property, while 45 per cent said they had no so-called void periods during the same time frame.

How much does it cost to maintain a property?

The research also found that the average landlord spends around £700 a year per property on maintenance, while two out of five claim to spend less than £500. 

Stephen Reade, lettings operations manager at The Nottingham, said: “Becoming a landlord remains attractive for thousands of people, but it is clear landlords need to think carefully before making the decision and also to plan ahead.

“Having to wait four months or more before getting tenants in can put a strain on finances and landlords need to ensure they have spare money to invest in their property over and above basic mortgage costs.”

Do you find it difficult to rent your property? Let us know your thoughts below.

Get set with tailored landlord cover

Over 100,000 UK landlord policies, a 9/10 customer rating and claims handled by an award-winning team. Looking to switch or start a new policy? Run a quick landlord insurance quote today.

Start your quote