Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Half of Agents More Cautious Recommending Tenants
More than half of agents (51%) are more cautious when recommending applicants than they were last year, according to early findings from Goodlord's 9th State of the Industry Report. The findings come in the wake of the Renters' Rights Act.
The survey of 3,000 agents, landlords and tenants also found that 1 in 4 landlords (26%) are more likely to reject applicants they would previously have accepted. Nearly a third (31%) said they would rather leave a property vacant while waiting for a lower-risk applicant.
What the findings mean for letting agents
The early findings suggest a shift in how agents and landlords are approaching tenant referencing and applicant selection following the Renters' Rights Act. For letting agents, the data points to a more cautious approach when recommending applicants to landlords.
The report also indicates that landlords are weighing the cost of void periods against the perceived risk of accepting certain applicants, with nearly a third prepared to leave a property empty rather than take on a higher-risk tenant.
About the research
The findings are described as early results from Goodlord's 9th State of the Industry Report, which surveyed 3,000 agents, landlords and tenants. The full report is yet to be published.
Source: Letting Agent Today