The UK is in a cost-of-living crisis, and it’s having a knock-on effect on Rugby property for rent. As lettings agents in Rugby, we are more aware than ever that some tenants are struggling to pay their rent, therefore, landlords must take action to protect their rental income.
At Horts, we are the expert lettings agents in Rugby and have great advice for landlords. Here we bring your our six best tips to help landlords ensure rental income is protected.
1. Check Tenant Affordability
You should ensure that any prospective tenant can afford their rental payments. As experienced lettings agents in Rugby, the team at Horts carry out affordability checks on your behalf to ensure the applicant has sufficient income to cover the rent.
2. Keep Your Rugby Rental Property In Good Condition
As times are tough, you’ll want to get as much rental income as possible for your property in Rugby, so ensure it remains in excellent condition and appeals to prospective tenants. Threadbare carpets, dated fittings and dirty paintwork are a turn-off for tenants. The cost of repairs has also increased, so maintaining your property regularly will help you avoid any large repair bills.
3. Consider Offering “No Deposit” Contracts
Finding a large deposit can be difficult for prospective tenants. You may wish to consider offering an option for a “no deposit” contract to give you access to a range of possible tenants. For example, tenants may have sufficient income to cover their rent but insufficient savings to cover an upfront deposit.
4. Carry Out Rent Reviews Regularly
You should review your rents regularly to ensure you’re maximising your investment while avoiding overstretching the affordability of your tenant. In many cases, landlords in Rugby decide they won’t increase their existing tenants’ rent when they stay in the property for several years. Weigh up whether you are happy to leave the rent as is in return for reliable tenants and on-time payments or if you can maximise the yield further. Our experienced lettings agents at Horts can discuss your options if you are unsure of the best course of action.
5. Take Out Landlord Insurance
It’s possible to protect your rental income and property itself should a problem arise in the future. Landlord insurance is a cost-effective way to recoup your losses should the worst happen. Problems like fire, flood, theft, and property damage caused by tenants can all be covered by a landlord insurance policy. You may be able to get contingency cover that will protect you against tenants’ non-disclosure.
6. Take Tax Advice
You should always take the time to check that you’re paying the correct tax. Property taxation is a complex subject. Seeking expert advice regarding your tax liability as a landlord is essential if you’re keen to reduce your tax bill.
If you’re considering marketing your property for rent in Rugby, our team at Horts is on hand to help you find suitable tenants and manage all aspects of your rental.
Call us today on 01788 550044 or email us at lettings@horts.co.uk to learn how we can help.
