Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
Guarantor Shortage Restricts Tenant Choices in PRS, Says LRG
Tenants who do not have family or friends willing to act as guarantors are facing reduced housing choices in the private rented sector (PRS), according to research highlighted by Property118. The findings indicate that more than half of surveyed tenants (51%) would look for a cheaper property if they needed a guarantor and could not find someone they knew to act in that role.
The research, reported by Property118, suggests that the requirement for a guarantor is a significant factor influencing tenant decisions in the UK rental market. For letting agents and inventory clerks, this trend may impact the pool of prospective tenants for certain properties, particularly those where a guarantor is required as part of the referencing process.
The report underscores the importance of understanding tenant barriers in the current PRS landscape. Agents may wish to consider how guarantor requirements affect tenant accessibility and property demand.
Source: Property118