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The full impact of the Coronavirus is yet to fully translate into the rental market.
Stags reports that despite fears the actual level of non-payment of rent negotiations has remained much lower than expected. Currently less than 2% of their portfolio. However, this may increase moving forward.
Stags has found that maintaining contact with tenants and working with them has helped. And in the majority of cases, landlords, if able, are willing to help. In some cases, they have been assisted by the 3 month mortgage holiday, however, it must be remembered for many landlords rental income forms an essential part of their overall income, and any reduction or failure to pay rent causes significant issues.
It is surprising how confused many tenants still are and many not realising they remain fully obliged to pay the rent, and there is no formal rent payment holiday. Fortunately, the majority of tenants are able to meet their obligations, with the Government furlough scheme playing a key part in this.
It is important as agents, and landlords, that we think about how to offer support and guidance to tenants through this crisis.
For more information, call a member of our lettings team.