The number of tenants who are seriously behind on their rent payments has risen to its highest level in two years according to the latest Tenant Arrears Tracker by Reeds Rains estate and letting agents. (*)
The data highlights that there are 74,000 private sector tenants that owe more than two months’ rent. (*)
Hannah Davies, area lettings director for Reeds Rains says: “While tenant arrears have risen, the chance of a tenant falling seriously behind on rents is extremely low and those in severe arrears represent just 1.4% of all tenants. This remains relatively mild by historical comparisons which are partly due to households beginning to earn more. (*)
Reeds Rains, however, recognises tenant arrears can be a worry for landlords. We reduce this risk by providing rent protection insurance which guarantees 100% of rent paid up to 6 months’ with no hidden excess, legal fees up to £15,000, hotel accommodation for up to 30 days in certain circumstances, automated claims which means no forms to complete and complete peace of mind. (**)
There is a rapid growing demand for rental properties with a shortage available to let across the country. We already have a list of referenced tenants with appropriate guarantees and encourage landlords to visit www.reedsrains.co.uk to find their local Reeds Rains branch to see how we can help them find the right tenants for their property.”
(**) Subject to eligibility. Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and imitations of this product.
Reeds Rains Insurance Services is a trading name of Reeds Rains Ltd, an appointed representative of First Complete Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN:435779) for mortgage and non-investment insurance advice.