Tenants who are more than 2 months in arrears has dropped to its lowest point in two years. Tenants in severe arrears has dropped by 25% in Q3 this year. This represents a drop of 23,000 tenants in severe arrears. The figure now stands at 69,000 tenants who have more than 2 months of rent arrears.
As a whole, tenants who are in severe rent arrears represent 1.7% of all tenancies in England and Wales, this is a 0.7% drop from Q2 this year.
Although at Martin and Co Southampton City we do an in-depth analysis of prospective tenants finances before they are eligible for a tenancy with us, it cannot foresee job losses at a later date or other financial issues which may result in tenants falling into arrears. However, we offer all our landlords a rent guarantee service to protect your income should your tenant default on their rent. For more information on our rent guarantee service click here.
If you would like more information on the rental property market in Southampton, then give Martin and Co Southampton City a call on 02380 988881. We'll be happy to have a no obligation chat about your needs and expectations as a landlord or tenant.