The National Landlords Association (NLA) has launched a new service, NLA Rent on Time, in order to guarantee landlords’ rental income if their tenants miss or fail to pay their rent.
The news comes as incidences of arrears in the private rented sector reportedly increased by 13.8% between the second and third quarters of 2015.
Research from the NLA also shows that more than a third (37%) of landlords experienced rental arrears last year.
NLA Rent on Time includes a fully automated online ordering system, a telephone support line, and is available for new and existing tenants. The service is offered at a discount to NLA members.
NLA Chairman Carolyn Uphill, said: “Rent arrears is one of the biggest risks of letting property so, as the largest landlord association in the UK, we wanted to assure landlords they need not worry if their tenant doesn’t pay their rent.
“The service provides peace of mind for all landlords by managing the rent collection process and paying it into your account when it suits you, even if your tenant fails to pay.
“NLA Rent on Time also takes the hassle out of dealing with missed rents, by working directly with your tenants in order to resolve the issues and, if necessary, initiating property repossession at no additional cost.”