Landlords across the UK are owed a total of £850m in rent arrears, the National Landlords Association has calculated.
Nearly a third of landlords – approximately 500,000 – said they have experienced arrears in the last 12 months, which on average totals £1,649 in outstanding rent each.
The National Landlords Association also said that one in five landlords are worried their tenants will be unable to keep up with rental payments over the next year.
The report confirms the risks that are faced by all landlords and supports the launch of NLA’s latest campaign Rent, Risk, Resolve, which seeks to highlight the four biggest risks to a landlord’s business.
Top of the list is rent arrears, next is rising interest rates, local landlord licensing and regulation poses the third biggest threat and the introduction of rent controls comes in last.
Carolyn Uphill, chair of the NLA, said: “Regardless of the size of your portfolio the potential impact of these risks can be devastating on both the business and your personal life.”
