Apr

12% of private renters have asked for a rent pause or reduction so far, research reveals

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New report from Opinium reveals the impact that the Coronavirus crisis is having on landlord and tenant relationships and finances.

New research published today reveals that landlords both fear that their relationship with tenants could become hostile due to the strain of COVID-19 and that 12% of all renters have asked for a rent reduction or payment pause.

A survey of 2,000 renters and landlords by
Opinium found that 62% are worried about a deteriorating relationship, while 73%
of landlords are also concerned their tenants won’t be able to pay all or part
of their rent.

Meanwhile, 70% worry that tenants will quit
their home, leaving them with an empty property, which is perhaps unjustified
as only 10% of renters have either had to voluntarily leave their home, move in
with friends or parents or ask for their tenancy to end earlier, rising to 25%
whose job has been affected.

Since the crisis, 12% of renters have already
asked for reduced rent or a pause in rent payments, rising to 25% of those with
affected jobs.

Most landlords are on their tenants’ side, as
the survey found 56% of tenants who’ve had to make a change to their living
situation say their landlord has been supportive.

However, 31% reckon their landlord hasn’t
been supportive, including 9% whose landlord wasn’t at all supportive when
having to make the changes.

Of all those renters who were working before
the outbreak, 25% have been furloughed, 17% have suffered a loss in earnings
and 14% have had their hours cut.

The research also found that as a result there’s considerable financial pressure on renters; 43% whose work has been impacted by the outbreak report that they’ve struggled to pay rent, bills or for food.

Read the report in full.

View Full Article: 12% of private renters have asked for a rent pause or reduction so far, research reveals