Buy To Let Landlords Making The Effort
Landlords and buy to let property Investors are becoming increasingly keen to make their properties attractive to tenants, with 90 per cent claiming to have gone out of their way to make their rental homes appealing.
New research from Endsleigh which involved surveying 500 landlords and over 1,000 tenants, also confirmed that 41 per cent of landlords would ‘go the extra mile’ in order to keep their tenants happy.
The extra effort put in was proved to be paying off, with 83 per cent of tenants happy with their current landlord. This relationship is positively reflected, with 50 per cent of Britain’s landlords content with their tenants. The landlord-tenant relationship was shown to be maintained in the research, with 28 per cent of landlords suggesting that they would absorb the cost of rental increases in order to keep reliable tenants in the property for a longer period. 40 per cent of landlords also said that they would redecorate at the request of their tenants to keep them happy.
Changes brought in by the Government have put a strain on both landlords and tenants, with 47 per cent of the former of the attitude that the Government is not taking sufficient measures to protect landlords, whilst 17 per cent believe that tenants are favoured. In contrast, 78 per cent of tenants feel that the Government are failing to protect their rights against rogue landlords.
However, despite increasing regulatory pressure and the struggle to please tenants, 67 per cent of landlords agreed that the benefits far outweigh the time and hassle taken, whilst 12 per cent use rent as a main source of income. 36 per cent of those surveyed use the excess income from rent as a way to plan for retirement.
Head of Property at Endsleigh Insurance, David Hadden, said: ‘Despite their ongoing differences about who is treated more fairly, it’s clear that Generation Rent has made a big impact on landlord decisions. Tenants are showing more authority than they previously did and expecting more too. It’s obvious that Landlords are doing what they can to create the best accommodation possible.
‘What’s most important is open communication, a clear understanding of who holds which responsibilities and a level of appreciation between each party so everyone can get along.’