Cambridge secures the most rent during lockdown

Cambridge has recovered more rent owed than other major cities in the UK, after its collection rate fell by just 7% in the 25 days after the March quarter deadline. This compares with a UK-wide average decline of 30% during the same period, compared with its two-year average, according to a report from cloud-based property management platform Re-Leased. At the other end of the scale, Liverpool suffered the steepest decline as rent collection fell by 50% during the time frame. London and Milton Keynes were the second-weakest locations, after each posted 40% decreases. Birmingham and Manchester fared better than London; nonetheless, these respectively fell by 18% and 21%. Tom Wallace, chief executive of Re-Leased, said: “Many will be facing serious financial pressures as a result of these declines. Even a fall of 7% is a considerable adjustment to factor into your cash flow. “Landlords need to work as closely as they can with their tenants to understand what payments may or may not be possible during these difficult times. These conversations will be particularly important as we get closer to the June quarter date next month. “We also encourage tenants to pay what they can afford, to help mitigate the financial strain landlords are now facing.” Re-Leased’s analysis was based on live rental collection data from more than 10,000 properties and 35,000 leases on its platform, and included office, industrial and retail assets. Five most resilient cities and towns: overall decline in rent collected* Cambridge: -7% Bristol: -9% Norwich: -12% Sheffield: -14% Stoke-on-Trent: -14% Five least resilient cities and towns – overall decline in rent collected* Liverpool: -50% Central London: -40% Milton Keynes: -40% Luton: -39% Derby: -37% *at 25 days after the March quarter date, compared to its two-year average To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette