12 Jan

Letting agents warn landlords about missed rental payments

Letting agents warn landlords about missed rental payments

Letting agents have warned buy to let owners about an increase in missed rental payments after they experienced a rise in tenants failing to meet their accommodation costs.

Research released by the Association of Residential Letting Agents (Arla) today (January 12th 2011) revealed that 40 per cent of its members reported a rise in the number of residents who failed to pay their rent in the six months leading up to the fourth quarter of 2010.

This represents an increase from 35.9 per cent in Q3 of last year and is the first time the figure has risen in 18 months.

Ian Potter, operations manager at Arla, warned landlords to implement a "thorough selection process and to conduct reference checks on potential tenants" in order to prevent this from occurring with their residents.

He also recommended taking out rental protection insurance in order to be covered if payments are missed.

Furthermore, buy to let owners could consider signing up to a scheme that protects their tenants' deposits, which Eddie Hooker, chief executive of mydeposits.co.uk, said ensures there is no dispute at the end of a tenancy agreement. ADNFCR-1222-ID-800338069-ADNFCR

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