What Do Tenants Think Of Letting During The Pandemic?
30th November 2020 posted in Landlords Tenants
All landlords should stay in close contact with their tenants, and they should make sure they know what their tenants think and feel. This is the case all year round, but during the pandemic, it is even more vital for landlords to know what tenants want and need from them.
At Hunters Forest Hill, we are pleased to say we work closely with landlords and tenants. We know the local area well, and we know what people in the rental sector are saying.
We also stay in close touch with the latest studies in the sector. If you want to make an informed decision in the property market, we are here to assist you.
Many tenants have been forced to move during the pandemic
New YouGov data paints a gloomy picture of how renters have fared during the coronavirus outbreak. The pandemic has forced one in twenty people who rent (5%) to move since March.
According to research carried out by YouGov, 5% of tenants have moved since March. Amongst young people, classed as people aged between 18 and 24, there has been greater upheaval.
21% of tenants in this age group have moved rental property during the pandemic. 20% of tenants have claimed Housing Benefits or Government assistance since March.
19% of tenants have relied on Government assistance to meet their rental payments. 9% of tenants have had an application denied or didn’t have the option to claim Government assistance. 7% of tenants were unaware that assistance was available to them.
Some tenants are reliant on financial support
11% of tenants say they have received financial support from their parents, guardian or other family members. Unsurprisingly, this is higher for the 18 to 24 age group. 18% of this age group have received support in this manner. 17% say they were declined assistance or did not have this option available to them.
Of the entire market, 6% of tenants have borrowed money from family members or friends to meet their monthly rental payments. For the 18 to 24 age group, this figure is 13%. Also, 15% of this age group were not able to ask for their help or their request was turned down.
5% of tenants have received a temporary rental fee reduction during the pandemic. 11% of tenants requested a rental fee reduction but had their request turned down by their landlord. 20% of tenants said they were not aware they could ask for a rental fee reduction.
Only 1% of tenants received a permanent rent reduction which is scheduled to last to the end of their tenancy. 13% of tenants were refused a reduction of this nature, and 22% were not aware they could ask for a permanent rent reduction.
London tenants are finding it tough right now
16% of tenants say maintaining rental fee payments has been fairly hard while 5% say it has been very hard. In London, tenants are finding the situation tougher. 20% of tenants say it has been fairly hard maintaining their rental payments and 6% say it has been very tough.
12% of tenants have fallen behind with their bills because of the pandemic and 6% of tenants have missed rental payments.
For the age group between 25 and 44, 19% have defaulted on their bills while 10% of the 45 to 54 age group have missed rental payments. By contrast, only 2% of mortgaged property owners have failed to pay their bills or complete their mortgage payments.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.