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Pandemic rent relief in Norfolk bucked national trend

Tenants in Norfolk didn't express financial strain during the pandemic.




Tenants in Norfolk rental properties bucked the national trend when it came to calling for rent relief during the pandemic.
 
Less than 10 per cent of Sowerbys’ tenants requested help from their landlord at a time of national economic strain.

Research from Shawbrook Bank found nationally, 46 per cent of landlords reduced monthly rent payments for tenants because of the pandemic.

In total, 28 per cent of landlords gave tenants a full rent payment holiday - a period of up to three months where tenants were not liable to pay any rent.
 
An additional 18 per cent offered a rent reduction; a period where tenants paid a lower level of rent as agreed with their landlord.

This economic pressure was not expressed among Sowerbys’ extensive portfolio across Norfolk though.

Ed Tyman, Sowerbys’ Lettings and Operations Manager, said: “We estimate that less than 10% of our tenants requested help from their landlord with rent reductions or holidays bucking the national trend which looks a lot higher.
 
“We also saw very low levels of arrears with only a small increase from our normal amounts we see across the portfolio.”

Ed put the local findings down to a number of reasons; firstly, industry and jobs were likely to have been less affected in Norfolk than other, more populated areas and cities.

Additionally, the bounce-back of the local economy kicked in quickly with Norfolk being a popular choice for stay-cations. This ultimately supported local businesses and jobs, further easing the strain on tenants to meet rent payments.
 
And finally, with rent prices in Norfolk averaging lower than other parts of the country, the area could be considered a more sustainable location to live during times of economic difficulty.

If you’re a landlord looking to let a property or a tenant looking to rent, please get in touch with our lettings team here.