Landlords prefer good tenants to high rents
Landlords are often portrayed as greedy investors who are looking to take advantage of tenants, but when it comes to what they are really looking for, it would seem that they would rather good renters than extra cash, a new report shows.
Rents on new tenancies may have continued to increase across most parts of the UK over the three months to July, according to the latest rental price index, but a new study reveals that most landlords are far more concerned with ensuring that they have good quality tenants that pay their rent on time over receiving higher rents.
According to a new survey of 2,506 landlords by Hunters estate agents, landlords’ number one priority is securing tenants that have passed all necessary reference checks, with almost 70% of landlords citing this as an extremely important consideration when appointing a letting agent.
Also high on the list of priorities is speed of let, as many landlords seek to avoid having an empty property and thus no rental income, with 41% of landlords placing greater emphasis on finding a long term tenant, over those that will pay higher rents.
Carrie Alliston, head of lettings at Hunters Property Plc, said: “Whilst it is important to ensure our investors are achieving a good return on their properties, it is reassuring to see that despite rental price increases across the country; our landlords have not cited marketing their properties at the most expensive price possible as a priority for them.
“This indicates that the increase in rental prices across England is due to wider market factors, such as house price increases or the additional stamp duty charges introduced in April, rather than landlord greed.”