Tenants Concerns Over Landlords Selling Up

With 2021 starting with another lockdown, it is perfectly acceptable that many people will look at their living arrangements.

There are financial matters for people to consider, but equally, many people are reviewing whether their current home is right for them in these challenging times.

We can all benefit from more space in the current climate, and having access to a garden or open space is of benefit.

Landlords need to know what tenants think

The media focus has been on property moves with these things in mind, but it is also important to know what tenants and landlords think.

A recent study by a specialist buy to let lender, Aldermore Bank, focused on the opinions of 2,000 private tenants. If you are a local landlord, it is always helpful to hear what tenants are thinking.

At Just Lets Peterborough, we aim to support local landlords in many ways. We work hard in the local community, and we are more than happy to keep you fully informed as to what is happening in your local area.

We also stay in touch with the latest studies. This ensures you, and we, stay in touch with what landlords and tenants think across the country. This means you can make an informed decision.

Half of the respondents are uncertain about their rental future

50% of respondents to the survey said they were “uncertain about how they will cope with rent increases, their home being sold, or becoming unemployed”.

This pressure was keenly felt amongst people aged 18 to 34, as two in three of this group said they were worried about their current housing situation. A further 20% of this group have experienced rent increases in the local area since March 2020.

The lender says circumstances for this group are particularly difficult with close to one third of respondents being placed on furlough or losing employment since March of last year.

The average across all age groups is 22%, so this demographic has been harder by events of the past year.

There is evidence to suggest tenants are reconsidering their living arrangements.

25% of respondents say they are looking to buy a home, and they are actively saving for a deposit. 20% of respondents said they are looking to move to a different rental property.

Things which tenants are looking for include:

  • A larger kitchen, said by 32%
  • More living space, cited by 27%
  • More energy-efficient property, named by 25%
  • A garden space, said by 24%

Jon Cooper is the head of mortgage distribution at Aldermore, and he said; “The impact of the pandemic has been as much financial as it has been on health in the UK. It is concerning that so many renters are feeling anxious about their housing situation, especially as the home has become an even more significant and important part of people’s lives this year than ever before.”

Jon Cooper also said; “Encouragingly, landlords appear to have been supportive throughout this difficult time, with 74 per cent of renters saying their experience has been positive, and nearly nine in 10 renters saying communication with their landlord has been good. Open dialogue and listening to tenants’ concerns or difficulties is an important part of being a landlord and, if they are financially struggling, lenders can provide options, such as mortgage payment breaks, to assist in managing portfolios and ease this strain during these difficult times.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.