Tenant turnover most stressful feature for landlords

A recent survey of nearly 2,000 landlords has provided an insight into the private rental sector.

The investigation, carried out by referencing and lettings firm HomeLet, showed that a high turnover of tenants is the most stressful thing about being a landlord.

Issues

Of the landlords surveyed, 18% said that the persistent turnover of tenants was top of the stressful issues faced by landlords. This was followed by 12% of landlords stating that tenants not paying rent was their main problem. Just 3% of those questioned said that their job was too time-consuming, with 5% saying ongoing maintenance was the worst part of the role.

The full results of what landlords perceive to be the worst part of their roles were found to be:

Turnover tenants[1]

More positively, of those landlords who selected, ‘other’ as the worst part of the job, many said it was because they did not find the role stressful. In addition, despite tenant turnover being found to be the worst part of being a landlord, many said filling properties easy due to high demand.

Tenant turnover most stressful feature for landlords

Tenant turnover most stressful feature for landlords

Demand

Further data shows that the typical rental rate for new tenancies continues to rise, with demand outstripping supply. 70% of landlords said it was easy to fill a rental property, with just 2% stating that it was quite difficult.

The data collated by HomeLet is indicated below:

Finding homes

If you are worried about a high tenant turnover, then there are several points that should make the process easier:

  • Make sure rent is right- If a tenant feels that they are getting good value, then they will be more likely to stay. As a landlord, you should review rent regularly. Keep an eye on the local market and key trends in the area. Should you wish to keep good tenants then holding rent at the current rate could be a good sweetener, even if you feel you could increase rent.    
  • Be approachable-Make sure to be there for your tenants. Keep in touch regularly and be in a position to answer their questions or queries promptly. Building a relationship and a rapport could make all the difference in securing and keeping good tenants. 
  • Consider decorations – Of course, you do not want dramatic changes being made to your home but tenants should be allowed to feel at home. Consider letting your tenants put up pictures or change décor. After all, you want them to feel as comfortable as possible. 
  • Think about pets-A lot of tenants with pets find it more difficult to find a rental property. However, landlords should consider if a pet is really going to cause that much damage. A sensible solution would be to up your landlords insurance, or explain to the tenant that they will have to pay for any pet-related damage. This should be done in writing to ensure all parties are clear. Additionally, you could ask for a reference from the tenants’ previous landlord.  [1] https://homelet.co.uk/landlord-insurance/landlord-lowdown-blog/article/high-tenant-turnover-stressful-for-landlords?platform=hootsuite

 

©2017 Just Landlords

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