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Landlords consider cutting rents to support tenants

Landlords are considering reducing or flattening rents for tenants, according to a surprising poll taken by property finance broker Finbri.

Some 60% of landlords say they are considering rent reductions in 2024, a move indicative of their commitment to sustaining tenancies and supporting tenants through these challenging times.

Furthermore, 43% didn’t increase their rents in 2023, despite one in four having non-payment issues, with 93% of landlords saying they are happy with their tenants.

Georgia Galloway, a property expert at Finbri, said: “Despite the challenges landlords are currently facing, there is a clear trend towards fostering positive, long-term relationships with tenants despite this, and we think it suggests a positive future for property ownership in 2024.”

Landlords aren’t immune from worrying about the economic backdrop in the UK, with most expressing concerns about borrowing and inflation costs.

More than two thirds (69%) are apprehensive about the cost of borrowing, while 85% are concerned about rising inflation.

Some 77% are wary over the cost-of-living crisis, while 70% are worried about the looming threat of recession.

Galloway added: “Our survey reflects the growing tension and anxiety amongst landlords and property owners as they grapple with the financial crisis and a property market that is teetering on the edge.”