I was wondering if anyone else has begun to see financial hardship affecting their rent roll more than normal? Properties spending longer time on the market, a few more tenants in arrears. Apart from regular follow up, communication with owners/tenants. I would be interested in hearing how you are all handling this, different method of advertising? Different ways of communication. Our arrears percentage is pretty consistent just noticing some small changes.
Yes - we’re seeing a bit of this. We have been needing to adjust asking prices on some occasions to secure a suitable tenant, as the applicants we’ve been getting just haven’t been suitable for various reasons including being able to afford the rent. We’ve also had a number of tenants reaching out to support services to assist with their rent arrears. Its certainly an interesting time and the cost of living is having an impact on some households.
Yes we are seeing a bit. We have noticed that some of the more expensive properties are taking longer to rent. We adjust the asking rent if a property has been sitting for 10 days with no real enquiry.