3 in 4 renters are concerned about their ability to pay rent

14/07/22

Over 75% of renters are concerned about the impact of the cost of living crisis on their ability to pay rent, according to a survey of over 12,000 renters nationwide conducted by Dataloft with HomeLet in May 2022.

  • Generation Z renters are the most concerned, 85% stating the cost of living crisis will have a moderate to significant impact. More than 1 in 4 rate the impact as ‘significant’.
  • Overall, just 11% of renters feel the cost of living crisis will have no impact. However this ranges from 5% for Generation Z to 18% for Baby Boomers, the latter the least concerned of all age groups.
  • Rents account for an average of 30.5% of a renter’s gross monthly income (up to 34% in London). With inflation at 9.1%, a 40-year high and predicted to rise further, households are feeling the squeeze.

Rent Guarantee Protection for Landlords is available!

In order to avoid any loss of rental income, Philip James offer Rent Guarantee in order to protect landlords and their investment. As part of this service we will:

  • Ensure that policy taken out guarantees your rent should the tenant default
  • Carry out any required mid-term adjustments to the protection
  • Deal with the serving of section notices should we need to evict the tenant
  • Complete all administration required in the event of a claim
  • Attend court on your behalf

The policy is fully transferrable to ensure continuous cover even when the tenants change (subject to satisfactory references). This covers all tenants in your property and can be transferred if you have new tenants after 6 months.

Nil excess when rent paid from the point of the first arrears.

This protection can be organised at any time before the commencement of the tenancy.

For more information about the Philip James Rent Guarantee Service, please get in touch with the team for more details. Call 0161 448 1111 or email: management@philipjames.co.uk.

 

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