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Tenants are Becoming Better at Paying Rent on Time

Tenants across England & Wales are now finding it ‘slightly easier’ to pay rent on time as of April, as indicated by figures published by a new index.

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Tenants across England & Wales are now finding it ‘slightly easier’ to pay rent on time as of April, as indicated by figures published by a new index.

Your Move & Reeds Rains’ newest buy-to-let monthly index has found that in April, the average proportion of rent due that was paid in arrears was 8.1% - 1 percentage point less than March’s 9.1%.


When comparing tenants’ proportion of rent paid in arrears for April to the same period last year, where tenants were behind with only 7.0%, the situation could be seen as slightly more challenging for tenants.


However, according to Your Move & Reeds Rains, the improvement witnessed in April is ‘extremely encouraging’ with the percentage of tenants paying their rent in arrears much lower than the 14.6% peak witnessed in February 2010.


The figures follow the news that landlords saw average rental yields increase to 10.7% across England & Wales, increasing by 0.9% year-on-year.


Commenting on the figures, director of Your Move & Reeds Rains Adrian Gill said: “All the signs are right for a strong improvement in tenant finances. Wages are finally showing a bit of exuberance and employment has never been higher. But rents haven’t ever been higher either in much of the country”


“There is a powerful trend underpinning the affordability of renting for a large majority of Britain’s tenants, but there are also serious shortages of homes to let in all the same places that people want to live.”


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