Landlords must be wary of rising tenant arrears

first_imgChallenging conditions for landlords and letting agents could cause rent arrears to rise – something landlords should be wary of. RentalStep says that if rents continue to rise and wage growth remains stagnant, tenants may find it difficult to meet their monthly payments, causing long-term problems for landlords.According to Your Move, the number of tenants in arrears increased each month between January and April – the proportion of its tenants in arrears rose from 8.4 to 9.4 per cent.Belvoir says a fifth of its offices had four to 10 tenants in arrears during the first three months of the year.Rent arrears cost landlords an estimated £900 million each year. As tougher conditions affect landlords and agents, the number of tenants in arrears could increase.“Rent arrears are a serious issue, landlords need to do everything in their power to protect themselves from being seriously affected,” says Mike Georgeson, CEO.One of the most crucial processes is to carry out comprehensive checks on prospective tenants.RentalStep’s TenantPassport, a digital rental history profile, including rental history, employment details and references, can be shared with landlords and letting agents.“Making it a formality for rent payments to be included in credit scores is key to securing the financial future of the next generation,” concludes Georgeson.www.rentalstep.co lettings Rentalstep tenant arrears TenantPassport digital rental history profile August 24, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Landlords must be wary of rising tenant arrears previous nextProptechLandlords must be wary of rising tenant arrearsThe Negotiator24th August 20180287 Viewslast_img

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