Late rental payments only rise by 2%

rents grow

The number of tenants paying rent late only rose by 2% in the last month, according to property technology company Goodlord.

Since March 11 the proportion of tenants owing rent after seven days rose from 4% to 6%.

Likewise, less than 1% of landlords are processing rental insurance claims, indicating that they are not yet out of pocket.

Tom Mundy, chief operating officer of Goodlord, said: “Despite only being a month since lockdown began, the late payment figures for the rental industry are so far fairly steady.

“They show that the overwhelming majority of tenants are still able to meet their obligations and we believe the government’s furlough scheme will no doubt be playing a key role in this continuity.

“At the same time, agents and landlords are gearing up to offer more support in the months to come. Many agents, along with their landlords, are thinking about how they can offer flexibility, support, and guidance to tenants who might start to struggle.”