"If your tenants are unable to pay their rent, it could leave you in a vulnerable position for your own mortgage payments"
With inflation rising to 10.4% in February, and the cost of food rising to the highest rate in 45 years, people are looking for ways to mitigate household bills - and tenants are turning to their landlords for support, whether through reduced or frozen rent, or energy efficient home upgrades.
To evaluate just how much relief from rent worries UK tenants are receiving, Uswitch buy-to-let mortgages polled both tenants and landlords to discover their attitudes towards landlord-tenant relationships, and whether they are open to supporting their tenants through the cost of living crisis.
Young landlords are the most likely to support their tenants through the cost of living crisis, with 57% of 18-24 year-olds answering ‘yes’ when asked if they would reduce or freeze rent, or make energy efficient upgrades around the home. The percentage of landlords answering a definitive ‘yes’ steadily decreases with age. 40% of property owners aged 55 and above answered ‘yes’, 15 percentage points less than those aged 18-24.
However, 18-24 year-olds also had the second-highest number of ‘no’ responses at one in ten (10.5%), behind 45-54 year-olds, with 12% of landlords in this age bracket saying they would not support their tenants through the crisis. This is noticeably higher than the average of 8% no responses among 25-34, 35-44, and 55+ respondents.
Almost two in five (39%) of all landlords answered that they would ‘possibly’ support their tenants during the cost of living crisis, highlighting the conditional nature of the question, in that support is dependent on the relationship they feel they have with their tenants.
Uswitch.com buy-to-let mortgages expert, Kellie Steed, shares advice on how landlords can support their tenants during the cost of living crisis:
“If your tenants are unable to pay their rent, it could leave you in a vulnerable position for your own mortgage payments. If your tenant approaches you asking for support due to their struggles with rent and bills, here are some things you can do..."
"Keep in regular contact with your tenants: Encourage your tenants to maintain regular communication with you, particularly over any issues in the property. This will allow you to resolve any small problems before they become costlier. A clear line of communication will also allow your tenants to approach you with any struggles with rent, so that you can manage this sooner."
"Help tenants to keep the property in its best condition: Make sure they know the most efficient way to heat the property, as well as how to properly ventilate in order to prevent mould and damp. Make sure all appliance manuals are available to them, so that they don’t misuse or damage any. The cost of living crisis can affect people’s mental health, so being able to come back to a home in good condition is one less thing for your tenants to worry about.”
"Invest in the energy efficiency of your home: There are small changes that are easy to enact which can increase your energy efficiency, such as installing LED bulbs and properly draught-proofing the property. It may be tempting to avoid costlier enhancements, such as investing in triple glazed windows, but as new government rules require existing rental properties to have an Energy Performance Certificate rating of at least C by 2028 (2025 for new builds), it is best to get ahead of the curve now."
