How to protect revenue during the rental crisis

It’s no secret that the UK is moving towards a serious supply and demand crisis. In addition to the growing cost of living and energy prices, what can landlords do to protect their revenues?

Tenant Screening: One of the most effective ways for landlords to protect rental income is by carefully screening tenants by conducting credit checks, verifying employment, and checking references. By selecting tenants who have a stable income and good rental history, landlords can reduce the risk of rent arrears and therefore protect their income.
Being informed: Landlords must stay up to date with all relevant regulations and guidelines. Including significant policy changes, such as The Renter’s Reform Bill. Understanding and properly preparing for policy changes will help landlords to avoid potentially large fines for non compliance.
Rental insurance: Rental insurance can provide an extra layer of protection for landlords in the event of rent arrears or property damage.
Re-evaluate rental prices: With rising costs, it is only reasonable for landlords to raise the monthly rent of their private lettings. Landlords are responsible for ensuring that rent increases are carried out legally by following Government guidelines and ensuring that rental increases comply with their current tenant contracts.
Reviewing Investments: Landlords should schedule regular intervals to review their property portfolio and ensure that their investments are working as cost-effectively as possible. The profitability of an investment can change drastically depending on location demand and property type, landlords should continually be reviewing their existing investments and changing their strategy to meet the current market needs.

This year will be a tough period financially for UK landlords, however by staying informed and planning ahead, landlords will be able to protect their investments and consequently their profits.