The rising cost of living has affected everyone. It is always in a landlord’s interest to help their tenants, wherever possible, be happy and content in their home. Happy tenants become long-term tenants, which reduces rental voids. So if you would like to know how to help your tenants cope with the cost of living crisis, here are a few things you can do.
Information Pack
By providing information on how to use the appliances and heating, how to prevent pests and mould, and other helpful maintenance information, you will not only help your tenants keep their bills down but will also reduce your own repair costs. Don’t forget to tell your tenants that it’s critical to report maintenance issues promptly in order to prevent problems from getting worse.
Keep the lines of communication open
Make sure that your tenants feel able to communicate with you, not just in an emergency but also about things like any issues they are facing in their lives. If you need to raise the rent, make sure that they are given plenty of notice, and take time to explain the increasing costs that you are facing as a landlord. In some cases, it can be more beneficial in the long run to keep good tenants and avoid a rental void than to raise the rent.
Improve your property’s energy efficiency
The Government’s plans to require all newly rented properties to have an EPC rating of C or above by 2025 have already encouraged around a quarter of landlords to make energy efficiency upgrades to their properties. While the initial cost may seem daunting, there are financial benefits for both tenants and landlords. Tenants benefit from having reduced bills, and landlords benefit from having a property that will meet the EPC requirements and is also more attractive to prospective tenants after the existing tenants vacate. In a recent survey, 52% of tenants said they would be happy to pay more for a more energy-efficient home.
Shop around for energy and utilities
If your tenants have a “bills included” tenancy agreement, use online price comparison websites and seek advice from other landlords to ensure that you are getting the best deal. Relieving the pressure of rising bills will help you avoid needing to increase the rent. If your tenants cover their own bills, then a suggestion of an energy or utility provider who may be able to provide them with cheaper bills will always be welcome and will let your tenants know that you care.
Council tax
You or your tenant may be eligible for a council tax rebate if your property is vacant or your tenant lives alone. It is worth doing a 1991 valuation check to ensure that your property is in the correct council tax band to make sure that you or your tenant are not overpaying.
Treating tenants with empathy is one of the hallmarks of a good landlord. Maintaining a productive relationship with your tenants has many benefits both for them and for you.
If you would like to learn more about how we can assist you in managing your property during these difficult times, please call us on 01400 675175 or send us an email to gemma@flying-keys.co.uk.
