Despite a turbulent 16 months, which has seen furlough and shaky personal finances, there is positive news when it comes to rent arrears. The number of tenants in arrears during Q2 of 2021 is at its lowest point for 10 years, reveals tracking data performed by BVA BDRC for Paragon Bank.
As expected, tenant arrears peaked in Q2 2020 when the pandemic’s impact was felt the most but the number of tenants owing money has fallen every quarter to the present. As well as the number of tenants who have fallen behind with payments, the amount they owe has also tumbled. The average amount of outstanding rent currently sits at £1,781, which a four-year low.
Of the 750 landlords questioned, 36% had a tenant request a change in their rent payment scheme, with 18% asking for a rental holiday and 14% requesting a rent reduction. The tide is turning, however, as analysis from the last two months shows that such requests have fallen by 7%
Rent collection is one of the stand-alone services offered by ARPM, which is supported by our tried and tested rent arrears process. Why not outsource your rent collection to us, leaving you time to focus on more fulfilling tasks?
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