70% of landlords prefer good tenants to high rents
We all know that the mainstream media makes it’s money in portraying landlords as greedy investors, who’s number one priority is to take advantage of their tenants at any expense. However a new study shows that buy to let landlords in the UK would rather good tenants than extra cash.
Rents on new tenancies may have continued to rise across most regions of the UK over the three months to July (according to the latest rental price index), but the new study from Hunters estate agents reveals that most landlords are far more worried about ensuring that they have good quality tenants in place, that pay their rents on time – over receiving higher rents.
Of the 2,506 landlords surveyed, the results include:
- 70% of landlords cite that their number one priority [when appointing a letting agent] is securing tenants that have passed all the necessary reference checks.
- In order to avoid having an empty property, 41% of landlords placed a greater emphasis on finding a long term tenant, over those that will pay higher rents.
Not only does this indicate that the increase in rental prices across England is due to wider market factors rather than landlord greed, such as house price increases or the additional stamp duty charges introduced in April, but it also explains why we have had such an influx of landlord members joining Tenant Referencing UK this summer.
So as rental demand increases, so does the need for thorough tenant referencing by all landlords and letting agents right across the country.
With landlords still failing to meet their legal obligations, rising court fees and accelerated possessions at an all-time high it cannot be a coincidence that we now have over 157,000+ landlord and agent subscribers to the website. And can only mean that landlords are actually starting to realise that by simply activating their LRS account for a mere £10 is exceedingly cheaper compared to what they will lose with a non-paying tenant; which can only be good news for the entire buy to let sector, don’t you think?
It is simple maths that the more that join and network, the bigger the community and the safer we can all become. So with a database of circa. half a million plus low score tenants (and growing daily) it is half a million reasons for people to become a member and tell others to join our ever growing community of landlords and agents too.
So if you haven’t already, please join Tenant Referencing UK today, register your good and bad tenants and in return receive the rest of the UK’s bad tenant information direct to your computer, at both local and national levels.