Families require least property management time, NLA research shows
Renting to families and energy efficient properties generally take up less property management time for landlords than renting to tenants on benefits, a survey has found.
The survey carried out by the National Landlords Association (NLA) also revealed how much time landlords spend on all aspects of property management and maintenance.
The research showed that landlords who rent to families spend, on average, eight hours per week on property management. This compares with landlords who let to tenants who claim benefits or executive lets, who spend around 12 hours per week on property management.
Landlords who rent to tenants who claim benefits typically spend more time on property management as they tend to be a greater turnover of tenants, while welfare cuts and the introduction of Universal Credit has made it more difficult for some tenants to keep up with rental payments.
Perhaps not surprisingly, landlords with more energy efficient properties spend less time on property management.
Richard Lambert, NLA’s Chief Executive Officer, said: “‘This data reinforces the fact that families make good, reliable, and long-term tenants, but some landlords can be put off by the perceived risk of more damage or wear and tear to the property or its contents”.
Lambert continued: “However, if you’re properly maintaining the property then tenants will be more likely to stay for longer anyway, particularly families who typically seek more stability. This is just one more argument for establishing a proper maintenance schedule in the first place”.
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