Most landlords are supporting their struggling tenants

Most landlords are supporting their struggling tenants

10:40 AM, 20th September 2022, About 6 days ago 5

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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.”



Comments

Clive

14:40 PM, 20th September 2022, About 6 days ago

This article is complete Tosh

HMO landlords cannot freeze the rent

Insulation improvements also cannot be made as the Government has pulled all Green Deal grants which are only available to tenants on benefits

Emma Cox should seek counseling for Delusion as soon as she is able

David Judd

19:37 PM, 20th September 2022, About 6 days ago

I agree, complete nonsense. After "supporting" tenants during covid with rent reduction, I expect most landlords would raise rents where possible. Landlords still have increased mortgages etc to pay, Im sure we can't continue "supporting" tenants indefinitely

Gary

20:58 PM, 20th September 2022, About 6 days ago

I have to agree with Clive and David as well I'm afraid.

Borrieboy

22:21 PM, 20th September 2022, About 6 days ago

No realistic rent increases for 2 previous running years of COVID lunacy, despite increased maintenance & other costs, and we're to continue "supporting tenants"? Where's the support for the provider of the housing service? Private sector landlords are a soft touch lately but not sure how long we can carry on being a "social service".

Freda Blogs

18:41 PM, 21st September 2022, About 5 days ago

Govt has just announced support for businesses with energy costs.

Does anyone know whether this will apply to LLs who pay utilities, such as HMOs? As far as I know, we are ineligible for any of the other support payments (I'd love to be wrong), and as govt has shown us re S24, furlough payments etc we do not qualify for any support that other businesses do.

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