Many landlords continue to support tenants

Three quarters (75%) of residential landlords have taken steps to support tenants during the current cost-of-living crisis, according to Shawbrook.

The specialist lender found that the majority of tenants (85% ) have made lifestyle changes to cope with inflationary pressures, but landlords are helping them too.

A quarter (25%) said they have frozen rents, while 22% have offered a payment holiday to tenants who needed it.

More than a fifth (22%) have offered those who are struggling with their finances a reduction in rent, and 19% have offered rent inclusive of bills.

More than a quarter (26%) of landlords have also made energy efficiency upgrades, such as insulation, double glazing or a new boiler, to their properties to help with rising energy bills.

Considering support

One in seven (14%) landlords said they haven’t made any changes yet in response to the cost-of-living crisis but would be willing to do so if their tenants are having financial difficulties in the future.

More than a third (36%) of renters surveyed said they would consider asking for a reduction in rent, and 35% would consider asking for a rental holiday.

Emma Cox, MD of real estate at Shawbrook, said: “With the cost of living crisis showing no signs of easing, it’s encouraging to see responsible landlords play their part in reducing the burden their tenants are facing. Our research showed that a third of tenants are already starting to cut back on essentials like food shopping due to rising costs.

“In order to have a fair and sustainable rental market, its vital that landlords are open to supporting their tenants through hard times. Reducing rents or offering payment holidays will help tenants during the worst of the crisis and get them back on their feet.

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