Tip For Landlords and Tenants

ENERGY SAVING - We have been sent some tips for landlords that are useful reading for tenants as well.

NEW statistics revealed by the Alan Boswell Rent Guarantee Insurance experts have highlighted:

●      A 60% surge in demand for Rent Guarantee Insurance (RGI)* in October compared to April 2022

●      A 46% increase in RGI claims in October compared to April 2022

In a bid to help ease the financial pressure, the experts have offered their five top tips for landlords to help tenants amid the cost of living crisis.

[*Insurance that covers landlords’ rental incomes if tenants fail to pay their rent]

 Five top tips for landlords to help tenants during the cost of living crisis

1. Prepare an information pack for new tenants to reduce maintenance cost

To avoid repair costs, landlords could create handy information packs for new tenants that provide essential information on keeping the property well-maintained. For instance, how to use appliances and heating, prevent moulds and pests, make sure ventilation is properly functioning, as well as encouraging tenants to report faults and other maintenance issues in a timely manner - issues neglected for a long period of time will only cost more.

Be open and communicate regularly with your tenants

Rushed decisions will not benefit anyone as we all feel the cost of living pinch. Have regular dialogues with your tenants to learn about their financial status and the issues they are facing. Raising rental fees without reasonable notice or proper communication will strain the relationship if they cannot afford the sudden rise and in turn, get into arrears as they fall behind on payments. As well as being open to hearing their thoughts, share your financial burdens so they’re equally aware of the rising landlord costs you’re shouldering to find a solution that’s viable for both sides.

Invest in improving your property’s energy efficiency

Around a quarter (26%) of landlords have already made energy efficiency upgrades to help reduce bills - landlords should continue with these efforts, starting with smaller eco-home improvements (e.g. installing insulations, draught-proofing, LED lighting) and building up. It may seem like a daunting cost to bear, but these will be inevitable as the government plans to raise the Energy Performance Certificate (EPC) rating to a C or above for all newly rented properties from 2025. With 52% of tenants happy to pay more for a greener house, these will be worth the investment in the long run.

Shop around for the best value energy and utilities

Whether your property is all-bills-inclusive or your tenants cover their own bills, compare your energy and utility costs with friends and online to ensure that you’re getting yourself the best deal. By helping to relieve the pressure of rising bills, your tenants will be happier and ultimately reduces vacancies and boosts tenant retention.

Check your tax band and eligibility for council tax discounts

Around 46.1% of tax challenges made last year succeeded in reducing their band, and the UK’s outdated council tax system means it’s imperative to check with your neighbours or run a 1991 valuation check to ensure you are not overpaying. From single-person discounts to empty properties, you and your tenants could also be eligible for reductions of between 25% to 100%, so always check!

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