2009 arrears lower than 2008
February 20th, 2010
LSL Property Services have released figures showing that rental arrears were much lower during 2009 than the previous year, despite the recession. This was totally contrary to all forecasters’ expectations that arrears would rise.
Figures show that 11.7% of rents were not paid by the due date, down from 14.5% in 2008, with 12.5% of rent remaining unpaid as at 31st December 2009 as opposed to 15.9% for the same time last year.
The expectations were that tenants would fall behind with rent as the recession took hold and people lost their jobs, but with the unemployment figures not reaching the levels many analysts anticipated, and landlords and letting agents keeping a close eye on rents, problems have been spotted early and dealt with promptly.
Happy Investing!