Re-Leased, the cloud-based commercial property management platform, has published its latest figures for the June Rent Quarter. These new figures analyse rent collection one week after commercial rents were due on the 24 June.
They reveal that, by 1 July, commercial tenants in the UK had paid 46% of rent, up from 18.2% a week ago. However, 54% of rent is still due but with variations across sectors and regions.
Tom Wallace, Re-Leased’s CEO, said: “While it’s encouraging to see the rate of rent collection has jumped by nearly 30% in seven days, commercial tenants have paid less than half of the rent due for this quarter. The level of pressure both tenants and landlords are now under should not be underestimated, especially in the retail sector which remains hardest hit. Continued rent collection for the remainder of the quarter will be challenging, and we continue to encourage transparency between landlord and tenant as outlined in the recently published Code of Practice.”
Behind the overall UK picture, there are significant variations in rent collection across the country. A breakdown of the UK’s 10 regions reveals that the West Midlands was the most resilient region, while the East of England was the least resilient. London ranks 5th and is slightly below the UK average.