Third of Tenants in Rent Arrears
A third of tenants have missed rent payments which could be partly responsible for the rise in repossession cases, according to he National Landlords Association (NLA). Tenants struggling with rent arrears could mean that landlords are forced to miss mortgage payments.
Worryingly 44% of landlords have reported cases of missed rental payments from tenants over the last six months. Yet only half take legal action to cover lost earnings which means many could struggle to meet mortgage payments and be forced to live under the threat of having their property repossessed.
NLA chairman, David Salusbury, calls for improved communications so landlords can be notified if their tenant is having debt problems. “Paying the rent has to be right at the top of tenants’ priorities as even one month’s arrears, in this climate, could be the straw which breaks the camel’s back.”