⚖️ The Renters’ Rights Bill Looms – Is Your Rent Protected?
Here we look at rent arrears data 📊, what we can learn, and the actions landlords need to take to protect themselves.
📌 What’s the Data?
- 30% of landlords have experienced arrears 💰📉
- 30% of landlords have experienced property damage 🏚️
- 20% of landlords have had to evict tenants 🚪
- 20% of disputes are caused by rent arrears 💸—the highest proportion in five years! Even during the pandemic, this only accounted for 14.3% of the total.
🔍 What Does This Tell Us?
The private rental sector is becoming more volatile 📉, and with the introduction of the Renters’ Rights Bill, this trend is likely to continue given that the bill introduces:
✅ Increased eviction threshold from 2 to 3 months’ arrears 🏡📆
✅ Extended notice period from 2 weeks to 4 weeks ⏳
🛡️ What Actions Can Landlords Take?
This highlights the importance of thorough tenant referencing and having a rent guarantee insurance policy to safeguard your investment.
🔎 Tenant Referencing
Using a professional referencing company is a must. Make sure referencing includes:
- Credit Check 💳 – Review their financial history for any past issues (e.g., CCJs or IVAs).
- Previous Landlord Reference 🏠✍️ – Contact past landlords to assess rent payment reliability and behaviour.
- Income Verification 📄💼 – Verify income via payslips, bank statements, and employment contracts. Ensure any employer references come from official company emails (not personal ones like Gmail).
📖🔗 Read our advice on selecting the right tenant here
🏦 Rent Guarantee Insurance
Having the right protections in place safeguards your investment and ensures peace of mind! 🛡️😊 Every policy differs, so landlords should be aware of terms and conditions 📜. For our managed tenancies, we handle claims for landlords who take out insurance through us. Our insurance policies offer;
✅ ZERO EXCESS 🚫💰
✅ Eviction & court costs covered ⚖️
✅ Up to 15 rental payments while the tenant remains in occupation 🏡💷
If you have any queries, please do not hesitate to reach out—we’re here and ready to help.
💬 Sarah 💼
📞 Phone: 01474 321957
📧 Email: sarah@mandmprop.co.uk