Landlord And Tenant Relationships In 2021
These are challenging times, and it is interesting to see how people feel about the rental market. We stay in close contact with local landlords and tenants, and we follow the latest studies and reports.
The survey, by rental sector suppliers mydeposits and Ome, spoke to more than 14,200 landlords, agents and tenants. The survey touched on a range of topics including the relationship between landlord and tenants, the challenges in the current marketplace, the impact of the pandemic and what support is provided by the Government.
It is perfectly natural that there has been considerable focus on rent arrears in the media. For the people dealing with rent arrears, this is a terrible situation that can have serious short and long-term implications for their life, health and well-being.
Most tenants don’t believe they are behind with their rent
However, in the study, 95% of tenants said they are not behind with their rent because of the Covid-19 pandemic. It might be that the sample group have been more fortunate than others, but it could be an indicator that many tenants have survived the past year in a relatively reasonable manner.
Of course, even people who have managed to pay their rent on time will likely have experienced some struggles. Some households prioritise rent, and therefore, it would be the first bill they cover each month.
Of the people who admitted they have struggled during the pandemic; the following responses were achieved:
- 58% of respondents said their landlord had been accommodating
- 31% had been offered the chance to pay a reduced rental fee or to take a rental holiday
However, while an overwhelming majority of tenant respondents said they have managed rental payments with no problems, 31% of landlords and agents said their tenants were in arrears.
How is the relationship between landlord and tenant?
While there is no need for landlords and tenants to be best friends, it is helpful if they can co-operate.
The survey looked at this and tenants said, on average, their relationship with a landlord achieved a score of 7.4 out of 10. For landlords and agents, 60% of respondents said their relationship with their tenant was at least a 9 out of 10.
80% of landlords have been in the buy-to-let sector for at least five years, and 65% of landlords feel the industry has changed for the worse in this time. Some of the reasons cited are tax, legislation and regulations. 90% of landlords and agents say they feel unsupported by the Government, but 79% of landlords say they expect to remain landlords over the next five years.
Is renting value for money?
There was a clear split for tenants in answering whether renting offers value for money. 49% of tenants said it doesn’t, saying renting is overpriced, it leaves them unable to save money, and it is more expensive than a mortgage. Some tenants said renting is the only option for them as they cannot afford to save the initial deposit required to buy a home.
51% of tenant said the flexibility of renting and not having to pay maintenance costs makes renting good value for money.
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around North West London, call us on 020 8459 2530 and a member of our estate and letting agent team will be happy to help.