Tenants severely in arrears on the rise

The number of tenants facing severe financial debts has risen to 100,400 as rents rise and the economic crisis continues, up a staggering 24% for the same period last year. According to the Tenant Arrears Tracker by Templeton LPA, part of LSL Property Services, the first quarter of 2012 had 7,000 fewer tenants in arrears of two months or more than the previous quarter. While the amount of tenants in severe arrears has increased, the overall level of tenant arrears has fallen by 1% or more rent was paid on time than the previous month. Prior to the financial downturn, a large proportion of current rental tenants are suggested to have been is a position to buy had the credit crunch not happened. It is suggested that this is reining in general arrears across the market as a whole….

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