Almost a third (32 per cent) of landlords in the UK have endured rent arrears in the last 12 months, while others have faced a range of other difficulties.
New statistics from the National Landlords Association (NLA) show approximately 500,000 landlords admitted to being left short on the amount of rent they collected at some point in 2014.
Indeed, a typical landlord was said to be left £1,649 out of pocket, meaning the total amount of rent arrears built up across the country over the year was in the region of £850 million.
Looking ahead to the next 12 months, more than one in five (22 per cent) landlords said they are worried their tenants will fail to meet their rental demands. This can lead to problems when it comes to meeting important expenses, such as mortgage payments.
What’s more, this is not the only issue on the minds of landlords, with the organisation explaining rising interest rates, local licensing and regulation issues and the introduction of rent controls also provided difficulties.
Carolyn Uphill, chairman of the NLA, said: “All landlords will be affected by one or more of these issues to some extent somewhere down the line and it’s vital to keep in mind the major threats to the success of your business.
“Regardless of the size of your portfolio, the potential impact of these risks can be devastating on both the business and personal life. As the largest landlord association in the UK, we have a duty to support and advise on how to plan ahead effectively and manage these risks.”
At Leaders, we know that perhaps the greatest concern our landlords have is that their tenant will fail to pay their rent on time. And while we allow only quality tenants to rent through us, it is inevitable that circumstances will change and their ability to pay could be affected.
As such, we have designed our Premier Rent Guarantee Service to protect landlords against this scenario.
Landlords who opt for the Premier Rent Guarantee Service will receive their rent each month, even if it is not paid by their tenant. We also reimburse those affected by their tenant failing to move out or breaking the terms and conditions of the tenancy and those who incur legal costs as a result.
There is no need for any landlord to take a chance when it comes to letting their property, and with many already experiencing the harsh impact of rent arrears, subscribing to Premier Rent Guarantee Service should be every landlord’s new year’s resolution.
For more information on Premier Rent Guarantee Service get in touch with your local Leaders branch here.