A Building Society's latest research in the private rented sector states that 61% of landlords would be happy to delay rent increases for good tenants, and some are even willing to offer their rentable properties below the market value to tenants that have a dependable history of paying their rent on time.
The nation's present fluctuating economic situation together with the Brexit stalemate and apparent increasing numbers of available rentable properties, has caused the reasoning behind the method to attract good tenants as they are an extremely valuable commodity.
Of those landlords whose rents were lower than the areas' market value, 66% said they were prepared to accept as much as £100 per month less for a reliable tenant; there were others who were prepared to lose between £100 to £200 a month in achievable rent, to ensure they have good renters.
Jaedon Green, director of product and distribution at the building society, said the present economic state, Brexit, tenant demand has made landlords even more determined to keep hold of reliable tenants or to attract worthwhile renters.
Green said: “The commercial rationale for landlords to invest in the quality of their rental property has never been stronger.
“Quality properties typically result in higher tenant satisfaction which results in fewer voids and improved rental yields over the longer term.”
Obviously this is great news for renters and he added: “This is positive news for tenants. The negotiating position for reliable tenants is strengthening as landlords are actively taking steps to maintain the security of regular payments from dependable tenants, even if that means reducing their monthly incomings slightly.”
As widely reported, the recently launched initiative that helps tenant with a good history of paying their rent on time, will be rewarded with better credit scores and this has the potential of helping 1.2 million tenants throughout the UK, get on the first step towards a first mortgage.