07 Feb Landlords, here’s how you can support your tenants during the cost of living crisis.

The cost of living crisis is affecting most people and the risk of individuals falling into arrears with their mortgage and rental payments is real. As a landlord, you might want to help your tenants and there are several steps you can take. Here, we highlight some tips for supporting tenants during the cost of living crisis. 

Be flexible with payments

Of course, as a landlord, you need the rent from your properties to likely pay for expenses and buy-to-let mortgages. However, it’s important to avoid vacant properties for as long as possible as this can cost you more in the long run. If your tenant comes to you and says they’re struggling to pay their rent, work out a repayment plan together based on what they can afford. You could even help them to look into certain benefits and whether they are eligible. Or, you might find that they are eligible for Help to Rent schemes. Alternatively, if your tenant has the money but just needs an extra few weeks, you could consider being lenient while supporting tenants during the cost of living crisis. 

Be open to different processes 

If you’re new to renting or you’re looking for a new tenant, you might want to consider allowing individuals to pay their deposit in installments. After all, some people may be able to pay the monthly rent but might struggle with the financial burden of several months worth of rent at once. The property contract can still outline the date that the deposit must be paid by. Equally, if you’ve asked for rent-in-advance, you might want to consider being more flexible. Most landlords also require a homeowner guarantor but not every person knows a homeowner. Even if you allow a non-homeowner guarantor, you can still carry out credit checks to ensure the suitability. 

Be proactive in the property

Unfortunately, most industries have resorted to increasing their prices which means everything is more expensive right now. As a landlord, there are a few things you can do to reduce costs in your property. This includes boosting the energy efficiency to help tenants to save on bills, helping them to find cheaper energy deals and even installing a water meter if you think it will save money. 

How Kaytons can help 

As a landlord, you’ve likely got a lot going on and that’s why a specialist lettings team – like the one at Kaytons – can help. Not only do we take care of finding your tenants but we have a team to manage the entire tenancy. This means we can advise on both cost-savings for you and your tenants, and we’ll be there if your tenant does unfortunately struggle to pay their rent. In fact, it’s exactly what we’ve been doing for almost 15 years in the Manchester area. So, whether you have an existing portfolio or you’re looking to tap into the buy-to-let world, why not give us a call today?