Most landlords are supporting their struggling tenants

With most tenants making lifestyle changes to cope with the cost-of-living crisis, it has been revealed that three-quarters of residential landlords (75%) are supporting their tenants.

The findings from Shawbrook Bank highlight the steps that landlords are taking with news that 85% of renters have made changes to deal with inflationary pressures and 25% of landlords have frozen their rent.

Also, 22% of landlords have offered tenants a payment holiday for those who need it, and 22% have offered to reduce the rent for tenants struggling financially.

The survey also reveals that 19% are offering tenants rent inclusive of bills, with just 14% of landlords saying they’ve not offered any changes to deal with the cost-of-living crisis – but say they would be willing to help renters if they are in financial difficulties.

Ask their landlord for a rent reduction

The survey questioned landlords and tenants, and 36% of renters say they would ask their landlord for a rent reduction, and 35% said there would consider asking for a rent holiday.

Other direct financial support being handed out by landlords include, for 26%, energy efficiency upgrades including double glazing, insulation or a new boiler to help cope with rising energy bills.

The lender highlights that with landlords facing the prospect of bringing their rental properties up to an EPC rating of C or above by 2028, taking steps now to help tenants deal with rising energy costs will also help landlords meet their increasing EPC obligations.

‘It’s encouraging to see responsible landlords play their part’

Shawbrook’s managing director of real estate, Emma Cox, said: “With the cost-of-living crisis showing no signs of easing, it’s encouraging to see responsible landlords play their part in reducing the burden their tenants are facing.

“Our research showed that a third of tenants are already starting to cut back on essentials like food shopping due to rising costs.

“In order to have a fair and sustainable rental market, it is vital that landlords are open to supporting their tenants through hard times.”

‘Help tenants during the worst of the crisis’

She added: “Reducing rents or offering payment holidays will help tenants during the worst of the crisis and get them back on their feet.

“Making improvements to properties to reduce energy costs not only offers a long-term solution to rising prices, but also enables landlords to start to get in front of upcoming EPC legislation.”

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