Tenants spend an average of 18 months in a rented property before moving on, according to new research by insurer Direct Line for Business.
In a survey of major cities, Birmingham has the lowest tenant turnover with renters staying an average of two years and four months in the same property. Cardiff on the other hand, has the highest turnover, with the average property being vacated less than a year after being filled. Leeds on 12 months and Bristol on 14 months also have high turnover levels.
The analysis also looks at the average time it takes to fill a void revealing that on average, it takes a landlord 22 days to find a new tenant. This could result in an average loss of £547 in uncollected rent.
Vacant properties in Birmingham are filled the quickest, with a landlord finding a tenant in just 11 days. However, in Liverpool and Aberdeen landlords struggle the most to fill their properties, taking an average of 33 days to find a suitable candidate.
Even with such a competitive rental market in London, letting agents in the capital claim that it takes 20 days on average to fill a property. With average monthly rents in central London surpassing £2,000 this could amount to a loss of £1,869 in income.
The research also found that agents and landlords cannot always rely on occupants remaining in a property for the duration of their tenancy agreement, with one in 11 moving out early.
A spokesman for Direct Line for Business says the results show the pressure agents and landlords are under to replace outgoing tenants and lose the least possible income.