When you start letting out your property to tenants, there’s an element of trust involved. Although you’re protected by tenancy agreements and deposits, problem tenants can cause a serious headache.
Unfortunately, new research has revealed that a number of landlords are having difficulty with their tenants, with 37 per cent calling them their biggest worry.
According to the survey, carried out by online letting agent MakeUrMove, there are four main issues tenants cause for landlords. Here’s what to look out for:
According to the research, tenants defaulting on their rental payments is the biggest worry for landlords. 47 per cent of those surveyed said they’d had tenants who failed to pay rent on time - almost twice as much as any other tenant-related issue.
For many landlords, rental income is the most important part of their property, so losing out of it can make a serious dent in their wallet. If you want to keep yourself protected, adding tenant default insurance to your landlord insurance policy is a good idea.
The second biggest issue tenants cause for landlords are repair bills, with 26 per cent saying they’d had tenants break items then refuse to pay. One of the landlords MakeUrMove spoke to was left £16,000 out of pocket after a tenant vacated their property.
Tenants breaking the terms of their agreement can cause serious issues for landlords, but for many, the worry is extra residents.
22 per cent of those surveyed said that they’d had tenants smuggle extra residents into their property - and those are only the ones who found out about it. This is particularly dangerous for landlords, as insurers may refuse to pay out claims for damage or other issues caused by tenants not listed on the tenancy agreement.
Eviction can be a messy process, and unfortunately 16 per cent of landlords have had tenants refuse to leave their property at the end of a tenancy.
Even though it’s the lowest on this list, with one in six landlords having been impacted by tenants remaining in the property, it’s important to have a plan in place if you need to have them evicted. Check out our article on how to legally evict a tenant for an idea of where to get started.
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