One in ten tenants may fall into arrears
New research from the Centre of Economics & Business Research has suggested that nearly one in ten tenants may fall into rent arrears due to the cost of living crisis and rising rent. That equates to a whopping 407,000 households. The number of arrears is estimated to be at an 11 year high, and a third more than what we saw during the pandemic. As a landlord, you’d be right to feel concerned by this.
It’s expected that many landlords will exit the sector and sell their buy-to-let investments to avoid risk. This has further implications for the rental market as less supply of properties means rents could rise further.
You may ask yourself as a landlord, ‘how can I minimise this risk?’
There is a simple solution. Lyss Homes recommends landlords take out Rent Protection Insurance at the beginning of a tenancy. This would protect your rental income in the event that your tenant defaults on rent payments. You’d need to ensure you have carried out full reference checks on your tenants as the insurers would need to see that you’ve done everything as a landlord to ensure you have accepted a good tenant.
We as an agent, and landlords ourselves, have recognised this potential risk from an early stage and have included the Rent Protection Insurance completely free as standard when we’re instructed to manage a landlord’s property. Our service is geared towards providing a minimal-risk, stress free experience for our clients.
Apart from the obvious benefit of having your rental income protected, landlords will also benefit from knowing that for the insurance to be valid, all tenants must pass stringent reference checks so you can be assured that your new tenants through Lyss Homes will be of the highest quality.
For a free no-obligation chat, please contact us by completing the short form below or by calling us on 02080505452 or sending us an email at info@lysshomes.co.uk
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