Three quarters (75%) of residential landlords have taken steps to support tenants during the current cost of living crisis, new research from Shawbrook reveals.
The survey of 1,000 UK residential landlords and 1,000 UK private tenants found that landlords have taken action after 85% of tenants had made lifestyle changes to cope with inflationary pressures.
A quarter of landlords have frozen rents, while 22% have offered a payment holiday to those 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.
One-in-seven (14%) landlords haven’t made any changes in response to the cost-of-living crisis but say they 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.
In addition to offering direct financial support for tenants, more than a quarter (26%) of landlords have made energy efficiency upgrades, such as insulation, double glazing or a new boiler, to their properties to help with rising energy bills.
Under new proposed regulations, landlords may be required to improve the energy efficiency within properties by 2025 for all new tenancies.
This means bringing their property’s energy performance certificate (EPC) rating to a C or above. For existing tenancies, landlords have until 2028.
However, many are already taking steps to do so. Our research suggests this is, in large part, due to rising energy costs.
Shawbrook managing director of real estate Emma Cox says: “In order to have a fair and sustainable rental market, it’s 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.”
“Making improvements to properties in order to reduce energy costs not only offers a long-term solution to rising prices, but also enables landlords to start to get in front of upcoming EPC legislation.”
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