Rental arrears are the main stressor for 87 per cent of British landlords; closely followed by tenant complaints and property repairs
In the research by Property Let By Us, almost nine in ten landlords listed rent arrears as their main cause of stress while tenant complaints were named as a stressor by 80 per cent of landlords.
Repairs to properties could also cause distress, according to 43 per cent of landlords, while 40 per cent said they had been left feeling stressed by new immigration laws.
Unsurprisingly, one third found tenant void periods induced stress and more than one quarter (28 per cent) described the process of trying to access finance to expand their buy to let portfolio as stressful.
25 per cent were worried or anxious about tax and Inland Revenue while 23 per cent said that they experienced stress because their partner failed to understand the level of work needed to manage multiple properties and lettings.
Landlords stressed by added responsibility
Jane Morris, Managing Director of Property Let By Us, commented on the research by explaining that it is factors which add pressure and responsibility to landlords that cause stress over anything else.
She said “increasing regulation” and “added responsibility” were “weighing heavy on the shoulders of landlords” with problems such as finding new tenants low down on the list of stressors.
She described this as “good news” for landlords but urged them to heed their own warnings and ensure they do everything they can to reduce their stress levels.
Regular checks are an easy way to prevent stressful situations and reduce anxiety so all landlords should invest in “thorough” background checks on all tenancies and individual tenants.
This should include bank statements, credit checks, past landlord references and employer references.
“The more information collected on the tenancy application the better, because if the tenant subsequently absconds or leaves owing money, this can be used to give vital tracing information,” she explained.
26th May 2015