There are growing concerns regarding the future ability of renters to pay on time, fresh research suggests.
A new survey of private and social renters by the payment provider, PayPoint, has revealed significant concerns regarding future ability to pay on time.
A quarter of respondents are already at least a month behind on their rent, and a third are concerned about the impact Covid-19 has had on their long-term financial situation, according to the research.
Many private renters are concerned about the long-term financial impact of Covid-19, and less than a quarter - 24% - are confident in their recovery after the pandemic.
Of the private renters who are behind on payments, 22% are concerned about their ability to catch up within the next three to six months, whereas just 10% of social renters shared these concerns.
Danny Vant, client services director for PayPoint, commented: “The global crisis has impacted virtually every area of our lives and the longer-term financial impact is becoming clearer.
“Our survey reveals real concerns over future financial stability and ability to pay rent. It is vital that both private and social landlords are sympathetic to the challenges their tenants are facing in these uncertain times.
“Offering payment flexibility will be important for tenants going forward, to help them navigate changes to their lifestyle and financial situation. This will ensure landlords can retain good tenants and continue to recover rent fees effectively.”
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