A quarter of tenants admit concerns about paying rent during the pandemic

One in four tenants have admitted they are concerned about their ability to pay rent.

A survey of 2,750 tenants by lettings platform Goodlord found 12.5% have either missed rental payments due to Covid-19 or had to make alternative arrangements in order to pay their rent.

An additional 12% said they were concerned about their ability to pay their rent.

It comes as courts reopened this week to hear repossession cases.

More than a quarter of tenants (28%) believe their current income isn’t secure or are unsure about its security while only 40% of renters “definitely agreed” that their income was secure.

Those aged between 18-34 were showing the most financial strain.

The survey also found that 27% of tenants are considering moving house as a result of Covid-19 due to many now working remotely.

Of these, 24% said they would move to a different part of the country, with 24% considering leaving London.

Many are exploring a move to more rural or suburban areas, Goodlord said.

Tom Mundy, chief operating officer at Goodlord, said: “The pandemic has been life-changing for a huge number of people.

“We are definitely seeing that more tenants are generally anxious about their finances.

“As a result, many letting agents and landlords are working closely with tenants who might be struggling to pay their rent, whether that’s through payment plans or other remedial measures.

“Both financial strain for renters and the overall impact of lockdown is translating into some macro shifts for the wider property market.

“Tenants are seeking new, often cheaper properties, in more rural or suburban areas.

“There’s been a significant rise in demand for new properties with gardens or proximity to nature as home working looks to become a long-term fixture and the need to be near urban centres diminishes.”

 

“Overall, tenant behaviours are starting the shift on all fronts as a result of the pandemic.”

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One Comment

  1. AlwaysAnAgent

    12.5% have missed rent their payments? This seems to be very high compared with other recent  reports.

    A further 12% are “concerned” is a meaningless statistic as it’s fair to say we’re all “concerned”. This doesn’t mean we won’t pay our rent or mortgage even in tough times.

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