Soaring maintenance costs eat up fifth of rental income

Maintenance costs now account for over a fifth of the average rental income of a property, it’s been claimed.

A company called Help Me Fix analysed the current cost of maintaining a property and how this has changed since the start of the year.

It claims the current annual cost of maintaining a property now sits at an average of £2,864 across the UK. This is a 4.7 per cent increase since the start of the year alone. London is home to the highest current annual maintenance cost at £5,379, but it’s the East Midlands where this cost has increased the most since January, climbing by 6.o per cent. 

With the average UK rent currently sitting at £13,524, this means that the cost of maintaining the average rental property now requires 21.2 per cent of rental income. This cost is highest in the East of England, where maintenance costs now account for 27.3 per cent of the total average annual rental income, with the South East not far behind at 27.0 per cent. 

Ettan Bazil, chief executive of Help Me Fix, says: “With inflation currently at a forty year high, the cost of maintaining a rental property has climbed by quite some margin since the start of the year alone. However, for many landlords and professional rental management firms, the escalating cost of materials has long been an issue. 

“At the same time, the pandemic restrictions imposed during the numerous lockdowns have really shone a light on tenant welfare when it comes to the quality of accommodation. With the likes of the build to rent sector also driving standards upwards in this respect, it’s no longer acceptable to subject a tenant to sub-par living conditions.”