December Quarter Rent Collection Surpasses National Average
Friday 5 February 2021
Another quarter has now passed and despite the initial euphoria of the vaccine rollout, the news of the new variant and further lockdown proved to cause additional concern amongst landlords and tenants alike.
Recent data showed that 55% of rents were collected within 14 days of quarter day. Here at Flude Property Consultants, we were slightly up on this figure with just over 60%. Considering this also includes concessions and rental deferment, we are confident that the rents collected are to be at a higher collection percentage.
This further proves that good landlord and tenant relationships are crucial and early communication with property managers can make a huge difference as personal concessions and payment plan agreements can be put in place at an early stage. We have found that landlords are willing to assist tenants where they possibly can but it also has to be taken into consideration that a lot of landlords are small family owned businesses who rely solely on rent for income.
Whilst the vaccine rollout is certainly picking up pace and new vaccines are being approved, we still expect difficulties for tenants as we move towards the March quarter day. Our advice for all tenants is to communicate with property managers and ensure you have taken advantage of all government grants available to you.
We hope that by Summer all businesses back open and trading.
