The rental market is constantly changing, and with the recent economic downturn, many landlords are feeling the pinch. Goodlord, a leading provider of rental services, has recently released a report predicting an increase in arrears and a decrease in landlords for letting agents.
The report suggests that the number of landlords in the UK is expected to drop by up to 10% over the next 12 months. This is due to a combination of factors, including the economic downturn, the introduction of new regulations, and the increasing cost of running a rental property. As a result, landlords are increasingly turning to letting agents to manage their properties.
At the same time, Goodlord predicts that arrears are likely to rise. This is due to a combination of factors, including the increasing cost of living, the introduction of new regulations, and the difficulty of finding tenants in a competitive market. As a result, tenants are increasingly falling behind on their rent payments.
These predictions have serious implications for letting agents. With fewer landlords and more arrears, agents will need to be more proactive in managing their properties and ensuring that tenants are paying their rent on time. They will also need to be more vigilant in screening potential tenants and ensuring that they are able to meet their rental obligations.
Goodlord’s predictions highlight the need for letting agents to be prepared for the changing rental market. By taking proactive steps to manage their properties and screen potential tenants, agents can ensure that they remain profitable in a difficult market.