Agency says rising numbers of landlords taking rent insurance

An increasing number of landlord clients are taking out rent insurance according to an online lettings platform.

In the first quarter of this year, 62 per cent of landlords subscribing to LettingaProperty chose to include rent protection. In Q2, this figure rose sharply, with more than 75 per cent seeking rent protection.

This coincides with growing concern in the wider economy about the impact of the cost of living crisis and higher energy bills on many sectors of society, including tenants.

“We’ve had a number of conversations recently with landlords who are concerned about cost-of-living rises, and the impact this may have on their tenants’ quality of life. At the same time, landlords are increasingly seeking information on rent protection, so they are covered should their tenants become unable to pay their rent” says platform chief executive Jonathan Daines.

A survey by the platform says that despite concern over the current economic landscape, the majority of landlords are keeping calm and carrying on at present. Some 59 per cent plan to maintain their current rental portfolio over the coming six to 12 months.

Amongst the chief concerns which landlords raised in the study, top was the likelihood of changes to lettings legislation as a result of the Renters Reform Bill introduced into Parliament; next came worries over meeting new EPC and energy efficiency targets likely to be introduced for private rental property.