The rental sector has been under the spotlight, with the effects of the coronavirus pandemic on the sector proving costly for millions of people throughout the UK.
When considering and assessing how people have been affected by the effects felt by the rental property sector, it is typically the buyers and sellers who have been considered. However, there are of course many millions of tenants and landlords throughout the country who for different reasons and through no fault of their own, have been sometimes badly affected by the pandemic.
UK property investor Rex Ekaireb said: “Both landlords and tenants have felt a significant pinch as a direct result of COVID-19. Through no fault of their own, tenants have seen their income drop or altogether disappear.”
Rex Ekaireb continued: “In the case of landlords, what may well be their sole income has, even if just temporarily, dried up and hit them hard. Not every landlord has a huge portfolio of properties and the lack of rental income will hit them hard.”
Many tenants have found themselves placed on furlough with others seeing potentially significant drops in their monthly income. This has meant that many tenants have not been able to pay their rent.