Almost half (46%) of landlords reduced monthly rent payments for their tenants because of the pandemic, according to upcoming research from Shawbrook Bank.
In total, 28% of landlords gave their tenants a full rent payment holiday; a period of up to three months where tenants were not liable to pay any rent. Additionally, 18% offered a rent reduction; a period where tenants paid a lower level of rent as agreed with their landlord. On average, rental payment holidays lasted for three months, compared to rent reductions which lasted four months.
Those landlords that gave their tenants a payment holiday estimate they lost £7,500 on average, in comparison rent holidays cost landlords £6,500 on average.
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