Rent collection plummets in Liverpool

19 May 2020 | General

Landlord rental collection has fallen by 50% in Liverpool due to COVID-19, the biggest fall across major English cities.

Cambridge is the most resilient location, with rent collection falling by just 7%, compared to a UK average of 30%.

Rent collection also declined by 40% in London and Milton Keynes,

The research, called the COVID-19 Regional Rent Collection Report, comes from commercial property management platform Re-Leased.

Tom Wallace, chief executive of Re-Leased, said: “Behind the overall UK picture, there are significant variations in rent collection across key regions and cities.

“However, while some locations have proved more resilient than others, our research shows that landlords across the country are seeing concerning drops in rent receipts because of coronavirus.

“Many will be facing serious financial pressures as a result of these declines. Even a fall of -7% is a considerable adjustment to factor into your cash flow.”

He added: “Landlords need to work as closely as they can with their tenants to understand what payments may or may not be possible during these difficult times.

“These conversations will be particularly important as we get closer to June quarter date next month.

“We also encourage tenants to pay what they can afford, to help mitigate the financial strain landlords are now facing.”

This post has originally been featured in Property Wire.