Is it time for landlords to have guarantors for all tenants?

guarantors for all tenants property118.com

by Readers Question

11:19 AM, 12th August 2022, 4 years ago 13

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Landlord News Landlords Questions

Hello everyone, In these difficult economic times, firms are regularly going bust and creating financial problems for their employees, and the SE (self employed) are just as vulnerable.

Would it not make sense to have guarantors for all tenants?

Thank you,

Grahame

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Comments

JamesB

Member Since March 2019 - Comments: 31

9:32 AM, 13th August 2022, About 4 years ago

We have made homeowner working guarantors mandatory in our agency for 3 years it’s made a huge difference.. can’t recommend it enough

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Chris @ Possession Friend

Member Since May 2016 - Comments: 1571 - Articles: 16

9:40 PM, 14th August 2022, About 4 years ago

Demanding a Guarantor has been our advice for some years. As has been said, there is more than excess demand.

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Puzzler

Member Since July 2013 - Comments: 1266 - Articles: 1

9:36 AM, 16th August 2022, About 4 years ago

I don’t see why if they pass all the reference checks a guarantor is necessary. Take out rent guarantee insurance with legal cover instead. If the tenant is a young person that’s different but you can’t ask an older person for a guarantor because they simply won’t be able to provide one. At the moment demand exceeds supply but if I were asked for a guarantor (I have in the past rented for work location reasons) I would be insulted. Of course now I would probably look for a short let service apartment so it would not be required.

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