The cost of living is sharply on the rise and the impact of inflation is already causing significant budgetary strain for tenants and landlords alike. As a landlord, you may be wondering how you can look out for your tenant’s wellbeing through this uncertain period in time.
Kings Lettings have collated a list of things you can do to prevent occupants of your rental properties from falling into financial hardship.
- CHECK IN WITH YOUR TENANTS
With the cost of living crisis growing, it’s important that you schedule regular check-ins with your tenants to see if they’re coping or need any additional support.
Have a friendly chat with a cup of tea and see if there’s any issues that need resolving immediately before they escalate and impact your tenants’ lives further. They could be running low on oil, have a faulty tap or draft issues that need fixing; all of which are likely to increase their outgoing costs as winter approaches.
Further, it would be prudent to ask if they’re likely to struggle with their bills ahead of time, so that a plan to protect their livelihood can be put in place in advance.
Approach this from a place of care and curiosity, and give them plenty of space to air their concerns.
- EXPLORE UTILITY OPTIONS
Make sure you’re on an efficient utility deal that works for both you and your tenant. It could be worth checking if any energy suppliers are offering promotions and deals to aid with the cost of living crisis, and factoring these into your financial strategy over the coming months.
If you’re not able to find a better deal for your tenants, you could explore the energy efficiency of your home and see if you’re able to improve this to keep costs at a minimum. Take a look at our guide, 5 ways to make your rental property more energy efficient, for advice in this area.
- BE CONTRACT CONSCIOUS
Many tenants are likely to find themselves in need of a cheaper rental property to accommodate the increase in energy bills. If they are tied into a contract, see if you can compromise to avoid them going into arrears by allowing them out of their contract earlier, or find out if there’s anything you can do to decrease their expenses while they stay.
If you’re able, you could consider paying a small percentage of their rent yourself until prices start to drop again, but only if this doesn’t put you in a compromising position yourself.
- PROTECT YOUR INVESTMENT
As a landlord, trying to balance your need for rental income security with the comfort of your tenants is difficult, especially during a cost of living crisis. It is likely that you will need to make hard decisions to protect your income.
In this case, it is important that you are honest and upfront if you decide to raise the rent on your properties. Give your tenants plenty of notice and see if there are any ways you’re able to protect them during the process.
If you know that a rise in rent is likely to impact one of your tenants, you could consider offering them another of your rental properties with a lower monthly payment, or suggest similar homes in the area that would be better suited to their financial situation.
- SEEK ADVICE FROM YOUR LETTINGS AGENT
If you’re still struggling to find solutions for your tenants during the cost of living crisis, speak to your letting agent. We are here to provide advice and guidance on all areas of property management and may be able to contribute an amicable solution on how to best manage their situation.
Kings Lettings have over 50 years’ experience in property investment, proudly supporting landlords through tough financial decisions. Our lettings agents provide you with up to date advice and guidance on how rising living costs will impact your position as a landlord, and are here to help you and your tenants navigate through it.
Contact us today.
KINGS LETTINGS, 103 HIGH STREET, MAIDENHEAD, BERKSHIRE, SL6 1JX
Lettings and property management offices in London, Reading, Maidenhead, Staines & Windsor.
T: +44 (0)16 2863 2188 | E: MAIDENHEAD@KINGS-LETTINGS.CO.UK
