With more than 1,000 responses to the latest quarterly research panel from the National Landlords Association shows that landlords who rent to families and young couples spend on average one full working day a week on property management.
The panel asked more than 1000 landlords to estimate how much time they spent on property management, including dealing with tenant queries, property maintenance requests, and general business administration.
In contrast, the NLA suggests that landlords who let HMOs, or landlords who have executive lets, can expect to spend up to 12 hours per week.
Regionally, landlords in the North West of England spend almost twice as much time per week (ten hours) managing their business than landlords with properties in the South East of England.
The findings also show that those buy to let investors with mortgages spend on average three and a half hours extra per week on property management compared to those who are mortgage-free (eight and a half hours versus five hours). Those with energy efficient properties (EPC rating of D or above) spend two hours less per week on property management.
Speaking on the findings, NLA CEO Richard Lambert said:
“Families make good, reliable, and long-term tenants, but some landlords can be put off by the perceived risk of more damage or wear and tear to the property or its contents. However, if you’re properly maintaining the property then tenants will be more likely to stay for longer anyway, particularly families who typically seek more stability. This is just one more argument for establishing a proper maintenance schedule in the first place”
“Landlords who rent to migrant workers or provide executive lets may find it takes up more management time because there’s a greater churn of tenants which means re-marketing the property, drawing up tenancy agreements, and conducting property viewings more regularly.”
The NLA argues that another big cause for concern is that poorly handled welfare reform has resulted in increased management time for landlords.
“The combination of welfare cuts and the introduction of Universal Credit make it difficult for some benefit recipients to keep up with rental payments and that often means taking more time for the landlord to manage. It’s frustrating for everyone because the issues can be outside the control of both tenants and landlords.”