Three quarters of landlords say tenants are worried about paying the rent

admin    Uncategorized     agents

Survey by Landlord Action highlights how the lockdown is beginning to significant impact the finances of both tenants and landlords.

Three quarters of landlords canvassed by evictions specialist Landlord Action say their tenants have been in contact during the Coronavirus crisis to discuss their rent.

The survey of 537 landlords found both that their tenants are worried about paying their rent in the future, but also that 36% of landlords claimed they would struggle to pay their mortgage if their tenant stopped paying the rent.

“We’ve been inundated with phone calls from landlords concerned about rent payments and our advice is to speak to your tenants, understand how they are financially impacted but also explain how you will be financially impacted,” says Paul Shamplina of Landlord Action.

“Where possible try and come to an arrangement with them, understand what government support they are asking for. Having something to help cover the mortgage is better than nothing.”

Some 70% of the landlords said they would not start eviction proceedings against tenants during the crisis if they fell into arrears.

And referring to recent calls by several rental sector campaigning groups to introduce a rental holiday during the crisis, Shamplina has warned that offering a blanket rental waiver to tenants within the private rental market is the wrong approach to take.

“This is a nightmare scenario for everyone – landlords and tenants alike. However, taking from one group to give to another is not the solution,” he says.

“The vast majority of private landlords own one or two properties, many with mortgages, and they too will be facing the same challenges of job losses.

“Good tenants do not become bad tenants overnight. These are extraordinary circumstances, and everyone is impacted in some way.”

Download Landlord Action’s free rent reduction agreement pro-forma.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Three quarters of landlords say tenants are worried about paying the rent | LandlordZONE.

View Full Article: Three quarters of landlords say tenants are worried about paying the rent

If you enjoyed this article please consider sharing it!