The Coronavirus' effects on our economy are undeniable. Landlords and agents have seen the number of tenancies with rent arrears increase as the pandemic has taken hold of London. Furthermore, experts are now predicting a significant risk of recession and job loss when government assistance schemes come to an end.
In the last few months we've been humbled to see some of our landlords wanting to work with struggling tenants to help get them through a challenging period. Be we know that this isn’t possible for everyone, and every circumstance is unique.
As some of you may be aware, it can be very challenging to resolve a situation with a non-paying tenant. According to recent statistics published by the Ministry of Justice in May of this year, it can take an average of 10 months to regain possession of a property after making a claim.
This can cost landlords up to £10,000 on average (according to the Homelet Rental Index in July 2020) while they wait to evict a tenant.
We do everything in our power through our extensive referencing process to make sure that we're finding you the best tenants. That being said, we believe that it's always best to be proactive. We want to make sure that you're protected against an unexpected loss of rental income, particularly with the predicted level of uncertainty ahead of us.
Many of our landlords already have peace of mind with rental income protection, however, there are still others that remain vulnerable.
Rent protection can only be secured for tenancies that have not had rent arrears for the previous 3 months, which means that waiting until it's needed is not an option.
If your rental income isn’t yet protected, we'll be sending an email out soon with details of how we can help you stay proactive!