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Rent arrears, how worried should I be?

The pandemic is something that has effected each and everyone of us, the turmoil caused by the closure of business’ and the reduction of staff has allowed economic conditions to weaken. With this has come a negative impact to both landlords and tenants, with tenants falling into rent arrears and landlords not receiving the income from their properties.

Last year, nearly 800,000 tenants in the UK fell into a form of rent arrears, with nearly 60% of landlords losing some form of rental income. This has, and is continuing to have, a large financial impact; extreme circumstances have led some landlords having to resort to selling their properties and/or evicting tenants to regain possession. Conditions for landlords have also not been helped by the fact eviction notice times were increased and courts were closed, allowing for a large backlog.

With studies suggesting that we are heading towards an economic downfall, protecting your asset and ensuring rent is received will be a top priority.

One significant way the chances of a tenant falling into rent arrears can be reduced is through the use of thorough referencing before a tenancy commences, this will ensure that a tenant is qualified financially in order to take on the tenancy, especially with potential unqualified tenants coming to the market.

At Brinleys we are currently working closely with third party referencing systems to ensure that our checks are as thorough as possible, not only this but we are continuously introducing new methods to reduce the chances of tenants falling into rent arrears. We have an in-house accounts team that keep on top of any tenants falling behind on their rent, ensuring that constant communication is made with them to come to an arrangement to clear any debt.

Brinley Lettings currently have under 0.5% of its tenants in a form of rent arrears, this incredible low rate is down to our pre-tenancy referencing and our continuous communication with tenants.

With Brinley Lettings you can be assured that your property is in the best hands, with our fully managed package we deal with the rent collection procedure for you to ensure that the rent for your property is being paid on time. Call us today and see how Brinley Lettings can help you!

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