Almost 11% of rent goes unpaid each month
It’s an alarming figure, especially to people out there who are thinking of becoming landlords for the first time. Unfortunately this figure is likely to rise and it’s much harder to tell which tenants are unlikely to pay rent, as often it can be down to a loss of a job or just a stagnation of wages versus rising cost of living. This is likely to be an ever growing trend as we fall in line with the rest of the Europe and see a new generation of renters.
A lot of these issues can be rectified by creating a dialogue between you and your tenant as soon as rent troubles arise. You should only pursue legal action should communication break down or if the tenant cannot give you a reasonable time frame in which to rectify the matter.
As I keep saying to landlords and tenants alike, communication is key to creating a relationship that works for you. It’s not fair to put landlords out of pocket and still expect to stay in your home, so if you know you won’t be able to pay the rent then it is imperative you talk to your landlord as soon as possible. This is likely to be an ever growing trend as we fall in line with the rest of the Europe and see a new generation of renters.