Management
Rent Arrears
Unpaid rent owed by tenant
Full Definition
Rent arrears occur when tenants fail to pay rent on time. Managing arrears requires prompt action: contact tenant, issue written demands, and begin eviction proceedings if necessary. Rent guarantee insurance and thorough referencing reduce arrears risk. Ground 8 of Section 8 allows mandatory eviction for 2+ months arrears.
Related Terms
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Letting Agent
Company managing property lettings and tenants
Void Period
Time when property is empty between tenancies
Tenant Referencing
Background checks on prospective tenants
Guarantor
Person agreeing to cover tenant's rent if they default
Maintenance Reserve
Funds set aside for property repairs
Rent Guarantee Insurance
Insurance covering unpaid rent from tenants