Rent arrears experienced by approximately 50% of landlords
Almost 50% of landlords have experienced tenants falling into rent arrears, new research reveals.
Landlords have also reported having to cover the cost of repairs at the end of a tenancy, with 26% of tenants breaking things in the property and then refusing to foot the bill for necessary repairs.
The issues which many landlords face has resulted in 37% of landlords claiming their greatest concern to be poor tenants.
Though tenant deposits are intended to cover the cost of repairs at the end of a tenancy, if cost of repair work exceeds the deposit amount, a landlord is unfairly left out of pocket.
The majority of landlords – 60% – own just one buy-to-let property and use this investment to supplement their income. However, there are fears that landlords with smaller portfolios may be more inclined to sell their buy-to-let in response to a raft of tax and legislation changes.
But landlords looking for security and a regular rental income can arrange for guaranteed rent to cover their property investment for up to five years. Guaranteed rent ‘guarantees’ landlords no loss of income, even if they experience a void period.
Find out more about Assetgrove’s guaranteed rent scheme or for further details on this story, click the link below: