Landlords are being warned to remain cautious despite the recent rise in rental prices. The recent high demand for let property in the UK has lead to a boom in the number of landlords, some have chosen to let property as an investment where others have been forced to rent property as they cannot sell their own house.
An increase in the 'accidental landlord' market has lead to an increase in the number of tenant failing to pay rent either through a lack of their own funding or as a result of a lack of experience from the landlords. It is not only first time landlords that are finding it hard to obtain rent from tenants, although rent has increased resulting in more revenue for landlords the story could be different for the tenant.
The UK is still suffering from the recession and although we do not hear about it as often jobs are still being lost across the UK. This may affect a tenant leaving them out of pocket resulting in an inability to pay the rent. It is for this reason that landlords must be cautious when finding tenants, run credit checks and always obtain a reference from a previous landlord or employer. Another measure that could prove to be vital is rent guarantee cover, which would protect you under your insurance policy for lost rent.
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