New research from the National Landlords Association (NLA) in their quarterly landlord panel suggests that families could be ideal tenants, despite the perceived risk many landlords associate with this type of tenancy.
1,000 landlords were asked a series of questions related to time spent on property management, business administration and how much time they spent responding and dealing with maintenance requests in their property.
The results – your ideal tenants
Findings from the research panel suggest that landlords renting to families and young couples spend on average eight hours a week on property management. This is much lower than landlords who let their properties to migrant workers, benefit recipients, or executive lets where on average they spend 12 hours a week on maintenance.
CEO of the National Landlords Association, Richard Lambert, said: “This data reinforces the fact that families make good, reliable, and long-term tenants, but some landlords can be put off by the perceived risk of more damage or wear and tear to the property or its contents.
“However, if you’re properly maintaining the property then tenants will be more likely to stay for longer anyway, particularly families who typically seek more stability. This is just one more argument for establishing a proper maintenance schedule in the first place.
“Landlords who rent to migrant workers or provide executive lets may find it takes up more management time because there’s a greater churn of tenants which means re-marketing the property, drawing up tenancy agreements, and conducting property viewings more regularly.”
Families’ desire for long-term lets also represent a longer rental yield for many landlords, which makes them an attractive prospect.
Read more about wear and tear in our handy guide here.
Are there regional differences?
The NLA research also found regional differences in the time spent on property management. Landlords in the North West of England spend on average 10 hours a week compared to just five and a half hours in South East England.
EPC ratings are important
In addition, the survey found that properties that had a higher Energy Performance Certificate (EPC) rating (D or above) spent two hours less a week on property maintenance.
With recent changes to the legislation surrounding Minimum Energy Efficiency Standards, it pays for landlords to ensure that their property has a sufficient EPC rating. As a result of the regulation, from the 1st April 2018 landlords are breaking the law if they grant a new lease on properties with an EPC rating below E.
Read more about rental energy standards here.