Supporting tenants during cost of living crisis
Create welcome packs for new tenants to provide information to help reduce maintenance costs
Creating useful information packs for new tenants on how to maintain your property can help you avoid expensive repair bills. For example, understanding how to operate heating systems and appliances correctly helps to prevent mould and pests. Also ensuring that the property is ventilated properly and encourage tenants to report problems as soon as they occur. This will help keep repair costs to a minimal because, in general, the longer it takes to rectify errors, the more expensive it will ultimately cost.
Be honest and in regular contact with your tenants
As the expense of living continues to rise, rushed decisions will not benefit anyone. Maintain frequent communication with your tenants to learn about their financial position and any problems they are experiencing. If the rent is increased suddenly and without adequate notice, it may cause the tenants to lose their ability to pay and, as a consequence, fall behind on payments, affecting the relationship. To reach an agreement that satisfies both parties, be receptive to their suggestions and share your financial concerns with them so they are aware of the increasing landlord costs you are experiencing.
Improve your property’s energy efficiency rating
To reduce tenants utility costs, about 25% of landlords have already made improvements to their properties’ energy efficiency. Installing LED lighting and increased insulation could significantly lower energy costs and consumption. While it might seem like a considerable cost, it will soon be mandatory since the government plans to elevate the EPC ratings to C or higher for newly rented properties effective from 2025. It is estimated, one in two tenants would be willing to pay a higher rent for a greener property, making it a long-term investment that would pay for itself.
Review your Energy and Utility suppliers
Compare your energy and utility expenses with friends and online to be sure you’re obtaining the best deal, whether your rental is all-bills-inclusive or your tenants cover their own bills. Your tenants are more satisfied if you can minimize their financial stress, that will reduce vacancies and improve tenant retention.
Check your council tax banding and available discounts
It’s believed that hundreds of thousands of homes in England and Scotland have the incorrect council tax band. Ensuring that your property has the correct banding has never been more important, especially with council tax bills increasing by 5% for millions of individuals in 2023. You and your tenants may also be eligible for reductions of between 25% and 100%, from single-person discounts to empty properties, so always check!
