Almost 60% of UK landlords have seen an increase in late rent payments, with property investors being owed on average £725, revealed the latest Molo data.
The research carried out by the digital lender also discovered that one of landlords’ biggest worries in 2024 is tenants being unable to pay rent — cited by 44% of respondents.
According to the survey, landlords in the UK are experiencing an average of 2.9 late payments per year.
Landlords in Yorkshire and the North East see the highest amount of late payments each year, at around 3.4.
Regionally, landlords in Greater London are owed the most amount of rent (£806), followed by the east of England (£770) and East Midlands (£760).
In addition, over half (56%) of landlords have had tenants move out as they could no longer afford the rent.
Meanwhile, a further 55% have found themselves reducing rents to support tenants during this time — going up to 68% for landlords in Greater London and Yorkshire.
Molo’s VP of strategy, Mark Michaelides, said: “Nearly two-thirds of landlords have seen an increase in late rent payments due to the cost of living crisis, but this doesn’t always have to lead to extreme measures against tenants.
“As a tenant, it's important not to ignore the problem; I'd advise them to communicate promptly, explaining reasons for delays and requesting additional time. Open dialogue can lead to collaborative solutions.”
