The latest figures from the National Landlords Association show that 74% of their advice line calls are about tenants not paying their rent.
This is hardly surprising in these tough times but it’s something the wider community doesn’t seem to think about. This dire situation gets nowhere near the attention of the plight of the mortgage lenders but the figures are just as frightening.
The NLA has received over 30,000 individual telephone calls in the past 12 months, an average of 2,500 a month of which 74% are from landlords seeking advice on how to deal with tenants who are no longer paying their rent. An income the landlord obviously relies on to met his/her commitments.
Obviously the landlord can take action against the tenant but this can be expensive and but for those landlords who want total piece of mind it is important to be aware of the rent guarantee insurance.
This insurance is designed to help fight rental arrears and voids and to generally give landlords a bit of security which so many are in need of at the moment.
Sounds like a pretty good idea to me.
