Families Are Best Tenants
A trade body’s latest survey shows that families are best tenants for properties and have the least property maintenance and management time in comparison to other types of renters.
More than 1,000 respondents took part in the research when landlords were asked in approximate terms how long they had to spend looking after their property with maintenance issues and other duties.
The research states that landlords who rent their properties to young couples and families had spent on average eight hours per week on property management.
However the study suggested that landlords who rent their properties to tenants who receive benefits, migrant workers and executive lets are more than likely to have to spend 12 hours a week on property management.
North West landlords spend around ten hours per week which is twice as much South East landlords who on average are spending just five and a half hours per week.
The research also discovered that landlords with mortgages will spend on average three and a half hours more on management than those who are mortgage free.
A spokesperson for the trade body, said: “This data reinforces the fact that families make the best tenants, are reliable, and long-term tenants, but some landlords can be put off by the perceived risk of more damage or wear and tear to the property or its contents.
“However, if you’re properly maintaining the property then tenants will be more likely to stay for longer anyway, particularly families who typically seek more stability. This is just one more argument for establishing a proper maintenance schedule in the first place.
“Landlords who rent to migrant workers or provide executive lets may find it takes up more management time because there’s a greater churn of tenants which means re-marketing the property, drawing up tenancy agreements, and conducting property viewings more regularly.”
The trade body states that tenants who receive benefits can cause more issues for landlords in management and maintenance costs and time.
The spokesperson continued: “The combination of welfare cuts and the introduction of Universal Credit make it difficult for some benefit recipients to keep up with rental payments and that often means taking more time for the landlord to manage. It’s frustrating for everyone because the issues can be outside the control of both tenants and landlords.”