Demand for rental protection has surged among landlords, according to LettingaProperty.com.

The online rental platform found that 48% of landlords have considered rent protection or additional insurance, as the cost of living crisis starts to bite.

The company has reported a growing number of enquiries for rent protection from landlords who are concerned about their tenants’ finances, along with their own.

LettingaProperty.com said the growth in demand for rental cover reflects the pressures on both landlords and tenants. And it added that for many landlords, their rental income is their sole source of income.

Jonathan Daines, founder and CEO of the business, said: “We’ve had a number of conversations recently with landlords who are concerned about cost-of-living rises, and the impact this may have on their tenants’ quality of life.

“At the same time, landlords are increasingly seeking information on rent protection, so they are covered should their tenants become unable to pay their rent.”

Taking cover

In the first quarter of 2022, 62% of landlords subscribing to LettingaProperty.com plans chose to include rent protection. In the second quarter of the year this figure rose sharply, with more than 75% of landlords opting for the added security of rent protection.

Despite their concern over the current economic landscape, the majority of landlords – 59% – plan to maintain their current rental portfolio over the coming six to 12 months, according to LettingaProperty.com.

The survey also revealed landlords’ top concerns, which included the Renters Reform Bill and potential Energy Performance Certificate changes.