A rental guarantor service claims that it and companies like it have helped keep the UK’s private rental sector buoyant during the pandemic.
Housing Hand, which says it is the country’s largest rent guarantor provider, says that by acting as a guarantor for working professionals and students, these services increase the number of renters available to landlords despite widespread financial uncertainties.
“Rental guarantor services help tenants to access the accommodation they want, but they are also hugely beneficial to the providers of that accommodation” claims group operations director Terry Mason.
“They provide a degree of certainty, as landlords know that there is a professional service ready to step in should the tenant become unable to pay their rent. In these uncertain economic times, that knowledge can be very reassuring; it is keeping up momentum in the private housing sector.”
Such services, which are typically free for landlords and agents, provide payments in certain circumstances when a tenant is no longer able to do so.
“The rental sector is often quick to feel the impact of recessionary times. The Covid-19 pandemic has presented some unique economic challenges, which we will need to work together to overcome. Hopefully, by supporting the fluidity of the rental sector, we will help to mitigate at least some of the impact of the pandemic” according to Helping Hand director Jeremy Robinson.
This post has originally been featured in Letting Agent Today.