Reducing rents 'can make landlords more competitive'
buy-to-let landlords have been urged to consider reducing rents in order to attract tenants in the current economic climate.
David Salusbury, chairman of the National Landlords Association, noted that focus is needed in order to survive the recession.
He suggested that falling prices could mean that investors are able to expand portfolios if they have sufficient funding, but remaining competitive should be a priority.
Speaking in UK Landlord, he remarked: "Landlords need to review their property portfolios, look at how they find tenants, the facilities they provide and whether they can make their rents more competitive," adding that tactics should resemble those of "prudent businesspeople".
Mr Salusbury also noted that lending criteria has been tightened, with mortgages more likely to be made available to experienced investors.
Meanwhile, uSwitch.com has urged renters to take out home contents insurance, after finding that 30 per cent do not have any protection and 11 per cent believe their landlord's policy covers them.
Published 24th March, 2009
© 2009 Estates IT Limited
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Buy-to-let landlords have been urged to consider reducing rents in order to attract tenants in the current economic climate.