PRS Online Platform Survey Report
Nearly half of landlords – 44 per cent – say they have financially helped tenants in the past twelve months by either pausing or reducing rent, according to a PRS online platform recent surveyA report on the condition of a property.
The PRS online platform research also found that 74 per cent of landlords believe it is in their and tenants best interests to help them when undergoing financial hardship, however 45 per cent said that they cannot afford to reduce their tenants’ rents.
38 per cent of landlords have no intention of increasing rents and will keep them the same in spite of the cost of living crisis, but 55 per cent said they will have to increase rents in the next twelve months.
25 per cent intend to raise rents for all of their properties, and those specifically using their rental properties to offset mortgage costs will more than likely increase rents with 63 per cent intending to do so.
More than half (57%) of landlords are concerned about whether their tenants can maintain their rental payments.
A spokesperson for the online platform, said: “Landlords are facing a real dilemma at the moment in dealing with the continued rising cost of living.
“On the one hand, there is a need to ensure they can cover the increasing costs associated with their properties and ensure they are following the market. However, as our research demonstrates, they are also acutely aware of the financial challenges facing their tenants.
“It’s great to see such a high proportion of landlords feel a sense of responsibility towards supporting these tenants during these challenging times.
“And in a lot of cases, this sentiment has been met by financial support for their tenants over the last 12 months.
“While we will see rents rise over the coming months in many cases, we can also expect landlords to offer continued support at what is a tough time for many.”
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